Exhibit 99.1

FOR IMMEDIATE RELEASE

For more information contact:

Pedro A. Richards

Chief Executive Officer

Telefax: (5411) 4343-7528

investors@gfgsa.com

www.gfgsa.com

GRUPO FINANCIERO GALICIA S.A. REPORTS FINANCIAL RESULTS FOR THE

QUARTER AND THE FISCAL YEAR THAT ENDED ON DECEMBER 31, 2016

Buenos Aires, Argentina, February 14, 2017 – Grupo Financiero Galicia S.A. (“Grupo Financiero Galicia”; Buenos Aires Stock Exchange: GGAL /NASDAQ: GGAL) today announced its financial results for the quarter and the fiscal year that ended on December 31, 2016.

HIGHLIGHTS

• Net income for the fiscal year that ended on December 31, 2016, amounted to Ps. 6,018 million, 38.7% higher than the Ps.4,338 million profit recorded in the 2015 fiscal year. Net income per share amounted to Ps.4.63, compared to Ps.3.34 per share for the 2015 fiscal year.

• The result of the 2016 fiscal year was mainly attributable to the income derived from Grupo Financiero Galicia’s interest in Banco de Galicia y Buenos Aires S.A. (“Banco Galicia” or the “Bank”), for Ps.5,094 million, in Sudamericana Holding S.A., for Ps.633 million, and in Galicia Administradora de Fondos S.A., for Ps.187 million, partially offset by financial expenses, for Ps.88 million, and by administrative expenses, for Ps.62 million.

• Net income for the quarter that ended on December 31, 2016 (or “the quarter”), amounted to Ps.1,772 million, 42.4% higher than the Ps.1,244 million profit recorded in the fourth quarter of fiscal year 2015. The profit per share for the quarter amounted to Ps.1.36, compared to Ps.0.96 per share for the same quarter of fiscal year 2015.

• The results of the quarter were mainly attributable to the income derived from Grupo Financiero Galicia’s interest in Banco Galicia, for Ps.1,552 million, in Sudamericana Holding S.A., for Ps.98 million, and in Galicia Administradora de Fondos S.A., for Ps.66 million, partially offset by financial losses, for Ps.13 million, and by administrative expenses, for Ps.13 million.

• As of December 31, 2016, Grupo Financiero Galicia and its subsidiaries had a staff of 11,956 employees, a network of 662 branches and other points of contact with clients and managed 4.0 million deposit accounts and 14.3 million credit cards.

CONFERENCE CALL

On Wednesday, February 15, 2017, at 11:00 A.M. Eastern Standard Time (1:00 P.M. Buenos Aires Time), Grupo Financiero Galicia will host a conference call to review these results. The call-in number is: 719-325-2291 – Conference ID: 9457819.

GRUPO FINANCIERO GALICIA S.A.

RESULTS FOR THE FISCAL YEAR THAT ENDED ON DECEMBER 31, 2016

In millions of pesos, except percentages
Table I:	FY2016			FY2015			Variation (%)
Result by Business
Income from Equity Investments in:
Banco de Galicia y Buenos Aires S.A.		5,094			3,913			30.2
Sudamericana Holding S.A.		633			357			77.3
Galicia Administradora de Fondos S.A.		187			110			70.0
Other companies (1)		38			31			22.6
Deferred tax adjustment (2)		217			26			734.6
Administrative Expenses		(62	)		(32	)		93.8
Financial Results		(88	)		(56	)		57.1
Other income and expenses		(1	)		(11	)		(90.9	)
Net Income		6,018			4,338			38.7

(1) Includes the results from our interests in Compañía Financiera Argentina S.A. (3%), Galicia Warrants S.A. (87.5%) and Net Investment S.A. (87.5%).

(2) Income tax charge determined by Banco Galicia´s subsidiaries in accordance with the deferred tax method.

Net income for the fiscal year that ended on December 31, 2016, amounted to Ps.6,018 million, 38.7% higher than the profit for fiscal year 2015.

This result was mainly due to profits from Grupo Financiero Galicia’s interest in Banco Galicia, for Ps.5,094 million, in Sudamericana Holding, for Ps.633 million, and in Galicia Administradora de Fondos, for Ps.187 million.

RESULTS FOR THE QUARTER

In millions of pesos, except percentages
Table II:	FY2016						FY2015			Variation (%) (*)
Net Income by Business	4th Q			3rd Q			4th Q			4Q16 vs 3Q16			4Q16 vs 4Q15
Income from Equity Investments in:
Banco de Galicia y Buenos Aires S.A.		1,552			1,243			1,047			24.9			48.2
Sudamericana Holding S.A.		98			176			145			(44.3	)		(32.4	)
Galicia Administradora de Fondos S.A.		66			57			42			15.8			57.1
Other companies (1)		9			15			5			(40.0	)		80.0
Deferred tax adjustment (2)		70			82			1			(14.6	)		6,900.0
Administrative Expenses		(13	)		(18	)		(8	)		(27.8	)		62.5
Financial Results		(13	)		(31	)		14			(58.1	)		(192.9	)
Other income and expenses		3			(1	)		(2	)		(400.0	)		(250.0	)
Net Income		1,772			1,523			1,244			16.3			42.4

(*) Calculated using values in millions with decimals.

(1) Includes results from our interests in Compañía Financiera Argentina S.A. (3%), Galicia Warrants S.A. (87.5%) and Net Investment S.A. (87.5%).

(2) Income tax charge determined by Banco Galicia´s subsidiaries in accordance with the deferred tax method.

2

In pesos, except stated otherwise and percentages
Table III:	FY2016		FY2015		Twelve months Ended
Principal Indicators	4th Q		4th Q		12/31/16		12/31/15
Earnings per Share
Average Shares Outstanding (in thousands)		1,300,265		1,300,265		1,300,265		1,300,265
Earnings per Share (1)		1.36		0.96		4.63		3.34
Book Value per Share(1)		15.65		11.14		15.65		11.14
Closing Price
Shares – Buenos Aires Stock Exchange		42.70		36.80
ADS – Nasdaq (in dollars)		26.92		27.08
Price/Book Value		2,73		3,30
Average Daily Volume (amounts in thousands)
Buenos Aires Stock Exchange		517		1,123		495		852
Nasdaq (2)		3,059		5,427		3,027		4,604
Profitability (%)
Return on Average Assets (3)		3.59		3.86		3.48		3.83
Return on Average Shareholders´ Equity (3)		36.45		36.00		35.03		35.54

(1) 10 ordinary shares = 1 ADS.

(2) Expressed in equivalent shares.

(3) Annualized.

In the quarter that ended on December 31, 2016, Grupo Financiero Galicia recorded a Ps.1,772 million profit, which represented a 3.59% annualized return on average assets and a 36.45% return on average shareholder’s equity.

Said result was mainly due to profits from its interest in Banco Galicia, for Ps.1,552 million, which, including the deferred tax adjustment corresponding to its subsidiaries, for Ps.70 million, accounts for 91.5% of Grupo Financiero Galicia’s net income.

3

Grupo Financiero Galicia S.A. – Selected Financial Information – Consolidated Data

In millions of pesos
	FY2016												FY2015
	4th Q			3rd Q			2nd Q			1st Q			4th Q
Consolidated Balance Sheet
Cash and due from Banks		61,166			28,312			28,439			19,912			30,835
Government and Corporate Securities		13,701			23,354			29,804			30,116			15,525
Net Loans		137,452			118,959			109,334			103,245			98,345
Other Receivables Resulting from Financial Brokerage		18,178			16,440			21,752			16,334			8,061
Equity Investments in other Companies		53			52			51			51			52
Bank Premises and Equipment. Miscellaneous and Intangible Assets		6,678			6,131			5,623			5,137			4,925
Other Assets		5,023			4,754			4,847			5,644			4,005
Total Assets		242,251			198,002			199,850			180,439			161,748
Deposits		151,688			117,408			118,114			107,857			100,039
Other Liabilities Resulting from Financial Brokerage		57,794			50,504			53,954			46,112			37,329
Subordinated Notes		4,065			3,837			3,881			3,653			3,301
Other Liabilities		6,889			6,343			5,619			5,773			5,487
Minority Interest		1,462			1,329			1,224			1,211			1,107
Total Liabilities		221,898			179,421			182,792			164,606			147,263
Shareholders´ Equity		20,353			18,581			17,058			15,833			14,485
Consolidated Income Statement
Financial Income		9,502			9,216			9,097			8,793			8,009
Financial Expenses		(4,515	)		(5,186	)		(5,408	)		(5,130	)		(4,092	)
Gross Brokerage Margin		4,987			4,030			3,689			3,663			3,917
Provisions for Loan Losses		(1,311	)		(881	)		(723	)		(618	)		(691	)
Income from Services. Net		3,169			2,927			2,465			2,185			2,170
Income from Insurance Activities		615			611			645			581			533
Administrative Expenses		(5,054	)		(4,552	)		(4,238	)		(3,774	)		(3,741	)
Minority Interest		(133	)		(105	)		(61	)		(104	)		(116	)
Income from Equity Investments		2			2			74			2			1
Net Other Income		474			346			271			187			27
Income Tax		(977	)		(855	)		(747	)		(774	)		(856	)
Net Income		1,772			1,523			1,375			1,348			1,244

Grupo Financiero Galicia S.A. – Selected Financial Information – Consolidated Data

In millions of pesos
Consolidated Income Statement	FY2016			FY2015
Financial Income		36,608			25,844
Financial Expenses		(20,239	)		(13,402	)
Gross Brokerage Margin		16,369			12,442
Provisions for Loan Losses		(3,533	)		(2,214	)
Income from Services, Net		10,746			7,837
Income from Insurance Activities		2,452			1,801
Administrative Expenses		(17,618	)		(12,905	)
Minority Interest		(403	)		(365	)
Income from Equity Investments		80			100
Net Other Income		1,278			443
Income Tax		(3,353	)		(2,801	)
Net Income		6,018			4,338

4

Grupo Financiero Galicia S.A. – Additional Information

	FY2016								FY2015
	4th Q		3rd Q		2nd Q		1st Q		4th Q
Physical Data (Number of)
Employees		11,956		12,074		12,149		12,231		12,131
Banco Galicia		5,799		5,781		5,679		5,686		5,573
Regional Credit-Card Companies		4,571		4,688		4,893		5,014		5,040
Compañía Financiera Argentina		1,164		1,189		1,184		1,152		1,161
Sudamericana Holding		374		365		340		326		307
Galicia Administradora de Fondos		16		18		18		18		17
Other companies		32		33		35		35		33
Branches		542		536		529		526		525
Bank Branches		279		269		263		261		260
Regional Credit-Card Companies		206		210		209		208		207
Compañía Financiera Argentina		57		57		57		57		58
Other Points of Sale		120		126		126		127		126
Regional Credit-Card Companies		83		89		89		90		90
Compañía Financiera Argentina		37		37		37		37		36
Deposit Accounts (in thousands)		4,018		3,990		3,904		3,701		3,593
Credit Cards (in thousands)		14,310		14,525		14,252		13,852		13,563
Banco Galicia		3,675		3,637		3,680		3,575		3,430
Regional Credit-Card Companies		10,459		10,717		10,402		10,107		9,974
Compañía Financiera Argentina		176		171		170		170		159
Inflation and Exchange Rates
Retail Price Index (%) (1)		6.24		2.74		15.51		11.86		7.75
Wholesale Price Index (I.P.I.M.) (%) (1)		2.52		3.52		8.20		17.20		N/A
C.E.R. Coefficient (%) (1)		4.44		7.37		9.54		10.49		4.14
Exchange Rate (Pesos per US$) (2)		15.8502		15.2633		14.9200		14.5817		13.0050
Rates
Badlar (3) (quarterly averages)		21.07		24.60		30.22		27.48		24.09
Credit Line for Investment Projects (established by regulations) (4)		17.00		22.00		22.00		22.00		18.00

(1) Variation within the quarter. Variation of IPC made using the IPC of the Autonomous City of Buenos Aires since November 2015, alternatively supplied by the INDEC. IPIM: no data was published from October 2015 to December 2015; figures were published again beginning in January 2016.

(2) Reference foreign currency exchange rate in accordance to Communiqué “A” 3500 from the Argentine Central Bank, as of the last working day of the quarter.

(3) Private banks’ 30-day time deposits rate for amounts over Ps.1 million.

(4) Until October 31, 2016, the rate was 22%.

5

BANCO DE GALICIA Y BUENOS AIRES S.A.

HIGHLIGHTS

• Net income for the fourth quarter amounted to Ps.1,552 million, accumulating a Ps.5,094 million profit in fiscal year 2016, compared to a Ps.3,913 million profit in fiscal year 2015.

• The growth in results for the 2016 fiscal year when compared to the 2015 fiscal year was mainly due to the 32.4% growth in operating income⁽¹⁾ as a consequence of the higher volume of intermediation with the private sector partially offset by 59.6% higher provisions for loan losses and 36.3% higher administrative expenses due to the higher level of activity and to the evolution of operating costs.

• The credit exposure to the private sector reached Ps.157,395 million, up 36.9% during the last twelve months, and deposits reached Ps.152,047 million, up 51.6% during the same period. As of December 31, 2016, the Bank’s estimated market share of loans to the private sector was 10.12% while its estimated market share of deposits from the private sector was 9.92%.

• The non-accrual loan portfolio represented 3.31% of total loans to the private sector, recording a 0.20 percentage points (“pp”) deterioration from the end of fiscal year 2015, while its coverage with allowances for loan losses reached 100.06%, decreasing 12.35 pp in the same period.

• In the framework of the Credit Line for Production Financing and Financial Inclusion, the Bank granted the full amount of the quota established by regulations in force for 2016. As of the end of the quarter, the outstanding amount of loans related to this credit line reached Ps.14,383 million.

• As of the end of the quarter, shareholders’ equity amounted to Ps.18,906 million, and the computable capital was Ps.22,010 million, representing a Ps.6,752 million (or 44.3%) excess over the capital requirement, and reaching a capital ratio of 11.8%.

INFORMATION DISCLOSURE

The data shown in the tables below and the consolidated financial statements correspond to Banco Galicia, consolidated with the subsidiaries under its direct or indirect control, except where otherwise noted.

The Bank’s consolidated financial statements and the figures included in the different tables of this report correspond to Banco Galicia, Banco Galicia Uruguay S.A. (in liquidation)^(*), Tarjetas Regionales S.A. and its subsidiaries, Tarjetas del Mar S.A., Galicia Valores S.A., Compañía Financiera Argentina S.A. and Cobranzas y Servicios S.A.

⁽¹⁾  Net financial income plus net income from services.

^(*)  At the Extraordinary Shareholder’s Meeting of Banco Galicia Uruguay S.A. (in liquidation), held on April 30, 2016, the Shareholders decided to approve the Final Special Balance Sheet and to start the registration process in order to cancel the Banco Galicia Uruguay S.A.’s legal status before the Uruguayan authorities.

6

RESULTS FOR THE FISCAL YEAR THAT ENDED ON DECEMBER 31, 2016

In millions of pesos, except percentages
Table IV: Evolution of Consolidated Results	FY2016			FY2015			Variation (%)
Net Financial Income		16,066			12,224			31.4
Net Income from Services		11,543			8,633			33.7
Provisions for Loan Losses		(3,533	)		(2,214	)		59.6
Administrative Expenses		(16,974	)		(12,450	)		36.3
Operating Income		7,102			6,193			14.7
Net Other Income / (Loss) (*)		1,113			250			345.2
Income Tax		(3,121	)		(2,530	)		23.4
Net Income		5,094			3,913			30.2

(*) Includes income from equity investments and minority interest results.

Net income for the 2016 fiscal year amounted to Ps.5,094 million, 30.2% higher than the Ps.3,913 million profit recorded for the 2015 fiscal year.

This result represented a 2.97% return on average assets and a 31.42% return on average shareholder’s equity, compared to 3.51% and 33.25%, respectively, recorded in the 2015 fiscal year.

The higher net income was mainly due to a Ps.6,752 million increase in the operating income, partially offset by increases of Ps.4,524 million in administrative expenses, Ps.1,319 in provisions for loan losses and Ps.591 million in income tax.

The operating income for the 2016 fiscal year totaled Ps.27,609 million, up 32.4% from the Ps.20,857 million recorded in the prior year. This positive development was due to both a Ps.3,842 million (31.4%) higher net financial income and a Ps.2,910 million (33.7%) higher net income from services.

The improvement in the net financial income was due to the increase in the volume of activity with the private sector partially offset by a lower financial margin in fiscal year.

Net income from services amounted to Ps.11,543 million, up 33.7% from the prior fiscal year as consequence of higher fees, mainly in those related to national and regional credit cards (37.6%), to deposit accounts (31.7%), to collections (45.6%) and to foreign trade (66.8%).

Provisions for loan losses amounted to Ps.3,533 million, Ps.1,319 million or 59.6% higher than in the 2015 fiscal year, due to the evolution of credits in arrears of the consumer portfolio and to higher regulatory provisions on the normal portfolio as a consequence of the increase in the credit portfolio.

Administrative expenses totaled Ps.16,974 million, 36.3% higher than in the previous fiscal year. Personnel expenses amounted to Ps.9,359 million, growing 35.8%, mainly as a consequence of the salary increase agreement with the unions. The remaining administrative expenses increased to Ps.7,615 million, Ps.2,056 million (37.0%) higher than in the 2015 fiscal year, as a consequence of the increase in expenses related to services provided to the Bank.

The income tax charge was Ps.3,121 million, Ps.591 million higher than in the 2015 fiscal year.

7

RESULTS FOR THE QUARTER

In millions of pesos, except percentages
Table IV: Evolution of Consolidated Results	FY2016						FY2015			Variation (%)
	4th Q			3rd Q			4th Q			4Q16 vs 3Q16		4Q16 vs 4Q15
Net Financial Income		4,897			3,954			3,765			23.8		30.1
Net Income from Services		3,413			3,071			2,380			11.1		43.4
Provisions for Loan Losses		(1,311	)		(881	)		(691	)		48.8		89.7
Administrative Expenses		(4,860	)		(4,385	)		(3,607	)		10.8		34.7
Operating Income		2,139			1,759			1,847			21.6		15.8
Net Other Income / (Loss)(*)		375			297			(56	)		26.3		769.6
Income Tax		(962	)		(813	)		(744	)		18.3		29.3
Net Income		1,552			1,243			1,047			24.9		48.2

(*) Includes income from equity investments and minority interest results.

Percentages
Table VI:	FY2016		FY2015		Twelve months Ended
Profitability and Efficiency	4th Q		4th Q		12/31/16		12/31/15
Return on Average Assets (*)		3.17		3.31		2.97		3.51
Return on Average Shareholders’ Equity (*)		34.22		31.43		31.42		33.25
Financial Margin (*) (1)		13.23		14.06		11.95		12.89
Net Income from Services as a % of Operating Income (2)		41.07		38.73		41.81		41.39
Net Income from Services as a % of Administrative Expenses		70.23		65.98		68.00		69.34
Administrative Expenses as a % of Operating Income (2)		58.48		58.70		61.48		59.69

(*) Annualized.

(1) Financial Margin: Financial Income minus Financial Expenses, divided by Average Interest-earning Assets.

(2) Operating Income: Net Financial Income plus Net Income from Services.

In the fourth quarter of the 2016 fiscal year, the Bank recorded a Ps.1,552 million profit, Ps.505 million (or 48.2%) higher than the Ps.1,047 million profit recorded for the same quarter of the previous year.

The variation in net income was a consequence of the Ps.2,165 million increase in operating income, which was offset mainly by the Ps.1,253 million increase in administrative expenses, of Ps.620 million in provisions for loan losses and of Ps.218 million in income tax.

The operating income for the fourth quarter of the 2016 fiscal year totaled Ps.8,310 million, up 35.2% from the Ps.6,145 million recorded in the same quarter of the prior year. This positive development was due both to a higher net financial income (up Ps.1,132 million or 30.1%) and a higher net income from services (up Ps.1,033 million or 43.4%).

The net financial income for the quarter included a Ps.295 million profit from foreign-currency quotation differences (including the results from foreign-currency forward transactions), compared to a Ps.568 million profit in the fourth quarter of the previous fiscal year. The quarter’s profit was composed of a Ps.349 million gain from FX brokerage and of a Ps.54 million loss from the valuation of the foreign-currency net position and the results from foreign-currency forward transactions, compared to profits of Ps.151 million and a Ps.417 million, respectively, in the fourth quarter of the 2015 fiscal year.

The quarter’s net financial income before foreign-currency quotation differences amounted to Ps.4,602 million, representing a Ps.1,405 million (43.9%) increase as compared to the Ps.3,197 million income of the same quarter of the 2015 fiscal year, mainly as a consequence of the increase in the portfolio of loans to the private sector and of government securities, offset by a decrease in the spread.

8

Average balances in millions of pesos. Yields and rates in annualized nominal %
Table VII: Average Balances, Yield and Rates(*)	FY2016																FY2015
	4th Q				3rd Q				2nd Q				1st Q				4th Q
	Av. B.		Int.		Av. B.		Int.		Av. B.		Int.		Av. B.		Int.		Av. B.		Int.
Interest-Earning Assets		148,022		24.04		132,519		26.33		125,855		28.06		131,340		24.30		107,097		26.01
Government Securities		18,164		20.52		17,197		28.09		16,876		30.22		30,172		15.01		14,870		25.78
Loans		127,732		24.48		112,654		26.05		105,723		27.46		98,553		26.94		89,480		25.91
Financial Trusts Securities		532		22.82		614		14.97		635		51.89		665		35.03		679		51.32
Other Interest-Earning Assets		1,594		29.35		2,054		29.89		2,621		32.92		1,950		31.10		2,068		23.85
Interest-Bearing Liabilities		109,386		13.58		104,004		16.44		95,705		19.58		95,037		18.14		74,202		17.42
Saving Accounts		34,496		0.09		29,190		0.13		24,249		0.25		22,011		0.19		17,276		0.22
Time Deposits		52,338		20.68		53,492		24.31		54,115		27.27		55,998		24.97		43,475		23.92
Debt Securities		16,761		16.87		16,777		18.19		13,845		20.60		13,238		18.22		10,601		18.02
Other Interest-Bearing Liabilities		5,791		20.35		4,545		22.09		3,496		30.77		3,790		21.24		2,850		20.32

(*) Does not include foreign-currency quotation differences. Annual nominal interest rates were calculated using a 360-day denominator.

The average interest-earning assets grew Ps.40,925 million (38.2%) as compared to the fourth quarter of the previous fiscal year, mainly as a consequence of the Ps.38,252 million (42.7%) increase in the average portfolio of loans to the private sector. Interest-bearing liabilities increased Ps.35,184 million (47.4%) during the same period, mainly due to increases of the average balances of saving accounts (99.7%), influenced by the growth of dollar-denominated deposits, and of debt securities (58.1%), due to higher issuances of notes of Tarjeta Naranja S.A.

The average yield on interest-earning assets for the fourth quarter of the 2016 fiscal year was 24.04%, representing a 197 basis points (“bp”) decrease compared to the same quarter of the prior year. This decrease was mainly a consequence of the 526 bp decrease on the portfolio of government securities together representing a 143 bp decrease on the portfolio of loans to the private sector. Likewise, the average cost of interest-bearing liabilities was 13.58%, representing a 384 bp decrease compared to the fourth quarter of the prior year, due to the lower average interest rate on all its components, mainly on time deposits (324 bp) and debt securities (115 bp).

In millions of pesos
Table VIII: Income from Services, Net	FY2016												FY2015
	4th Q			3rd Q			2nd Q			1st Q			4th Q
National Cards		1,337			1,181			1,093			932			965
Regional Credit Cards		1,838			1,626			1,426			1,313			1,299
CFA		103			97			88			80			102
Deposit Accounts		706			683			599			594			537
Insurance		153			149			147			125			116
Financial Fees		37			45			35			38			34
Credit-Related Fees		145			86			86			57			83
Foreign Trade		92			102			85			78			63
Collections		101			101			91			61			71
Utility-Bills Collection Services		75			66			56			49			49
Mutual Funds		22			17			11			9			10
Other		253			208			177			164			159
Total Income		4,862			4,361			3,894			3,500			3,488
Total Expenditures		(1,449	)		(1,290	)		(1,223	)		(1,112	)		(1,108	)
Income from Services, Net		3,413			3,071			2,671			2,388			2,380

9

Net income from services amounted to Ps.3,413 million, up 43.4% from the Ps.2,380 million recorded in the fourth quarter of the previous fiscal year. The increases in fees which stood out were those related to national and regional credit cards (40.2%), to credit (74.7%) and to deposit accounts (31.5%).

Provisions for loan losses for the fourth quarter of the 2016 fiscal year amounted to Ps.1,311 million, Ps.620 million higher than those recorded in the same quarter of the prior year, mainly attributable to the individuals’ loan portfolio and to an increase of regulatory provisions (equivalent to 1% of the loan portfolio in normal situation) as a consequence of the increase in the loan portfolio.

Administrative expenses for the quarter totaled Ps.4,680 million, up 34.7% from the same quarter of the previous year. Personnel expenses amounted to Ps.2,692 million, growing 37.1%, mainly as a consequence of salary increase agreements with the unions, a provision related to certain compensations and to non-recurring human resources expenses. The remaining administrative expenses amounted to Ps.2,168 million, representing a Ps.524 million (31.9%) increase as compared to the Ps.1,644 million from the fourth quarter of the 2015 fiscal year, mainly due to increases cash transportation, transportation and accommodation, rentals, electricity and communications and taxes, due to the increase in the level of activity and of expenses related to services provided to the Bank.

Net other income for the fourth quarter amounted to Ps.471 million, representing an increase of Ps.438 million as compared to the same quarter of the prior year, mainly due to the sale of a property owned by the Bank and to lower net other provisions.

The income tax charge was Ps.962 million, Ps.218 million higher than in the fourth quarter of the 2015 fiscal year.

LEVEL OF ACTIVITY

In millions of pesos
Table IX: Exposure to the Private Sector	FY2016								FY2015
	4th Q		3rd Q		2nd Q		1st Q		4th Q
Loans		142,158		123,219		113,362		107,087		101,902
Financial Leases		972		865		848		904		980
Corporate Securities		1,220		815		1,258		1,497		1,471
Other Financing (*)		13,045		11,567		11,660		10,681		10,629
Total Credit		157,395		136,466		127,128		120,169		114,982

(*) Includes certain accounts under the balance sheet heading Other Receivables from Financial Brokerage, Guarantees Granted and Unused Balances of Loans Granted.

As of December 31, 2016, the Bank’s total exposure to the private sector reached Ps.157,395 million, representing an increase of 36.9% from a year before and of 15.3% during the quarter.

Total loans include Ps.30,279 million corresponding to the regional credit card companies, which registered a 37.4% increase during the last twelve months and a 11.1% increase in the quarter. They also include Ps.5,281 million from CFA, which were up 54.0% during the year and 16.7% in the quarter.

10

Percentages
Table X: Market Share (*)	FY2016								FY2015
	4th Q		3rd Q		2nd Q		1st Q		4th Q
Total Loans		9.80		9.30		8.89		9.07		8.91
Loans to the Private Sector		10.12		9.73		9.52		9.74		9.68

(*) Banco Galicia and CFA, within the Argentine financial system, according to the daily information on loans published by the Argentine Central Bank. Loans include only principal. The regional credit-card companies’ data is not included.

The Bank’s market share of loans to the private sector as of December 31, 2016, without considering those granted by the regional credit card companies, was 10.12%, compared to a 9.73% from September 30, 2016, and to a 9.68% from December 31, 2015.

In millions of pesos
Table XI:	FY2016								FY2015
Loans by Type of Borrower	4th Q		3rd Q		2nd Q		1st Q		4th Q
Large Corporations		22,434		21,023		16,483		15,745		13,619
SMEs		34,411		28,115		28,682		28,027		29,022
Individuals		81,978		71,327		66,195		61,438		58,267
Financial Sector		3,335		2,754		2,002		1,877		994
Total Loans		142,158		123,219		113,362		107,087		101,902
Allowances		4,707		4,265		4,021		3,847		3,560
Total Loans, Net		137,451		118,954		109,341		103,240		98,342

In millions of pesos
Table XII:	FY2016								FY2015
Loans by Sector of Activity	4th Q		3rd Q		2nd Q		1st Q		4th Q
Financial Sector		3,335		2,754		2,002		1,877		994
Services		8,593		6,159		6,021		5,971		5,797
Agriculture and Livestock		11,921		8,424		9,642		10,635		11,342
Consumer		82,730		71,907		66,860		62,149		59,012
Retail and Wholesale Trade		13,140		11,168		10,133		9,512		8,737
Construction		1,177		1,105		1,046		1,033		1,035
Manufacturing		19,452		19,701		16,833		14,405		13,029
Other		1,810		2,001		825		1,505		1,956
Total Loans		142,158		123,219		113,362		107,087		101,902
Allowances		4,707		4,265		4,021		3,847		3,560
Total Loans, Net		137,451		118,954		109,341		103,240		98,342

During the year, loans to the private sector registered growth, mainly in those granted to individuals (40.7%), SMEs (18.6%) and large corporations (64.7%). By sector of activity, higher growth was recorded in the consumer sector (40.2%), the manufacturing sector (49.3%), the retail and wholesale trade sector (50.4%) and the services sector (48.2%).

11

In millions of pesos
Table XIII: Exposure to the Argentine Public Sector (*)	FY2016								FY2015
	4th Q		3rd Q		2nd Q		1st Q		4th Q
Government Securities’ Net Position		15,320		17,795		15,825		28,997		16,401
Lebac / Nobac		10,241		12,095		11,752		25,104		12,619
Other		5,079		5,700		4,073		3,893		3,782
Other Receivables Resulting from Financial Brokerage		833		769		873		943		960
Trust Certificates of Participation and Securities		515		592		671		684		709
Other		318		177		202		259		251
Total Exposure		16,153		18,564		16,698		29,940		17,361

(*) Excludes deposits with the Argentine Central Bank, which constitute one of the items by which the Bank complies with the Argentine Central Bank’s minimum cash requirement.

As of December 31, 2016, the Bank’s exposure to the public sector amounted to Ps.16,153 million, representing a 7.0% decrease during the last twelve months due to lower balances of bills issued by the Argentine Central Bank. Excluding debt securities issued by the Argentine Central Bank, said exposure reached Ps.5,912 million (2.5% of total assets), while as of December 31, 2015, it amounted to Ps.4,742 million (2.9% of total assets).

In millions of pesos
Table XIV: Deposits (*)	FY2016								FY2015
	4th Q		3rd Q		2nd Q		1st Q		4th Q
In Pesos		100,980		93,758		97,117		88,990		85,866
Current Accounts		28,136		24,256		24,252		20,685		19,522
Saving Accounts		26,639		20,476		20,434		16,880		18,835
Time Deposits		43,781		47,052		50,444		49,515		46,071
Other		2,424		1,974		1,987		1,910		1,438
In Foreign Currency		51,067		24,029		21,193		19,201		14,403
Total Deposits		152,047		117,787		118,310		108,191		100,269

(*) Includes CFA.

At the end of the quarter the Bank’s deposits amounted to Ps.152,047 million, representing a 51.6% increase during the last twelve months, as a consequence of the 17.6% increase in peso-denominated deposits and of the 254.6% increase in dollar-denominated deposits. During the quarter the increase was of 29.1%, with growths of 7.7% and 112.5% for peso-denominated deposits and dollar-denominated deposits, respectively. The increase was a consequence of the higher volume of dollar-denominated deposits, which amounted to US$ 3,222 million and were up 104.7% as compared to the third quarter of 2016, mainly due to the increase in deposits related to the Tax Amnesty Law.

Percentages
Table XV: Market Share (*)	FY2016								FY2015
	4th Q		3rd Q		2nd Q		1st Q		4th Q
Total Deposits		7.96		7.62		7.87		7.73		7.42
Private Sector Deposits		9.92		9.25		9.61		9.37		9.40

(*) Banco Galicia and CFA, within the Argentine financial system, according to the daily information on deposits published by the Argentine Central Bank. Deposits and Loans include only principal.

As of December 31, 2016, the Bank’s estimated market share of private sector deposits in the Argentine financial system was 9.92%, compared to 9.25% from the prior quarter and to 9.40% from a year before.

12

In millions of pesos
Table XVI: Other Financial Liabilities	FY2016								FY2015
	4th Q		3rd Q		2nd Q		1st Q		4th Q
Domestic Financial Institutions and Credit Entities		4,095		2,534		2,362		2,176		1,389
Foreign Financial Institutions and Credit Entities		2,213		2,039		1,885		1,423		1,406
Notes(*)		17,339		16,589		15,304		13,737		12,748
Obligations in Connection with Spot Transactions Pending Settlement and Repurchase Agreement Transactions		8,555		10,024		16,489		9,303		1,059
Obligations in Connection with Debts with Merchants due to Credit-Card Activities		20,813		16,693		15,392		15,223		15,316
Other		9,432		7,030		6,763		8,470		9,075
Total		62,447		54,909		58,195		50,332		40,993

(*) Includes subordinated notes.

As of December 31, 2016, other financial liabilities amounted to Ps.62,447 million, Ps.21,454 million or 52.3% higher than the Ps.40,993 million recorded a year before. This growth was mainly due to the increase of: (i) financing from merchants in connection with credit card activities, for Ps.5,497 million; (ii) of notes, for Ps.4,591 million, related to transactions of Tarjeta Naranja S.A. and Tarjetas Cuyanas S.A., and to the evolution of the exchange rate during the period, partially offset by the amortizations recorded during the last twelve months and iii) spot and forward transactions of government securities, for Ps.7,496 million.

As of December 31, 2016, the Bank had 4.0 million deposit accounts, which represent an increase of approximately 425 thousand accounts as compared with the same date of the previous year. Likewise, the number of credit cards reached 14.3 million, 0.7 million more than those managed a year before.

ASSET QUALITY

In millions of pesos, except percentages
Table XVII: Loan Portfolio Quality	FY2016								FY2015
	4th Q		3rd Q		2nd Q		1st Q		4th Q
Non-Accrual Loans (*)		4,704		4,235		3,894		3,552		3,167
With Preferred Guarantees		96		106		116		99		106
With Other Guarantees		88		68		84		116		103
Without Guarantees		4,520		4,061		3,694		3,337		2,958
Allowance for Loan Losses		4,707		4,265		4,021		3,847		3,560
Non-Accrual Loans to Private-Sector Loans (%)		3.31		3.44		3.44		3.32		3.11
Allowance for Loan Losses to Private-Sector Loans (%)		3.31		3.46		3.55		3.59		3.49
Allowance for Loan Losses to Non-Accrual Loans (%)		100.06		100.71		103.26		108.31		112.41
Non-Accrual Loans with Guarantees to Non-Accrual Loans (%)		3.91		4.11		5.14		6.05		6.60

(*) The non-accrual portfolio includes loans classified under the following categories of the Argentine Central Bank classification: With Problems and Medium Risk, High Risk of Insolvency and High Risk, Uncollectible and Uncollectible due to Technical Reasons.

The Bank’s non-accrual loan portfolio amounted to Ps.4,704 million as of December 31, 2016, representing 3.31% of total loans to the private-sector, recording deterioration of 20 bps as compared to the 3.11% ratio of a year before.

The coverage of the non-accrual loan portfolio with allowances for loan losses reached 100.06% as of December 31, 2016, compared to 112.41% of a year before.

13

In terms of total credit, defined as loans, certain accounts included in “Other Receivables Resulting from Financial Brokerage” representing credit transactions, assets under financial leases, guarantees granted and unused balances of loans granted, the Bank’s non-accrual portfolio represented 3.01% of total credit to the private-sector, and its coverage with allowances for loan losses reached 101.16%, compared to 2.78% and 113.93% of a year before, respectively.

On an individual basis Banco Galicia’s non-accrual loan portfolio amounted to Ps.1,867 million as of December 31, 2016, increasing 46.8% during the last twelve months, representing 1.74% of total loans to the private-sector, compared to the 1.65% ratio recorded a year before. The coverage with allowances for loan losses reached 117.14%, compared to 139.15% as of December 31, 2015.

In millions of pesos
Table XVIII: Consolidated Analysis of Loan Loss Experience	FY2016												FY2015
	4th Q			3rd Q			2nd Q			1st Q			4th Q
Allowance for Loan Losses at the Beginning of the Quarter		4,265			4,021			3,847			3,560			3,401
Changes in the Allowance for Loan Losses
Provisions Charged to Income		1,249			844			702			593			657
Provisions Reversed		(54	)		(45	)		(18	)		—			—
Charge Offs		(753	)		(555	)		(510	)		(306	)		(498	)
Allowance for Loan Losses at Quarter End		4,707			4,265			4,021			3,847			3,560
Charge to the Income Statement
Provisions Charged to Income		(1,249	)		(844	)		(702	)		(593	)		(657	)
Direct Charge Offs		(50	)		(33	)		(24	)		(18	)		(21	)
Bad Debts Recovered		143			111			85			56			86
Provisions Reversed (*)		54			45			18			—			—
Net Charge to the Income Statement		(1,102	)		(721	)		(623	)		(555	)		(592	)

(*) Recorded under “Net Other Income/(Loss)”.

During the quarter, Ps.753 million were charged off against the allowance for loan losses and direct charges to the income statement for Ps.50 million were made.

CAPITALIZATION AND LIQUIDITY

In millions of pesos, except ratios
Table XIX: Consolidated Regulatory Capital (*)	FY2016								FY2015
	4th Q		3rd Q		2nd Q		1st Q		4th Q
Minimum Capital Required (A)		15,258		13,386		12,053		12,457		11,063
Allocated to Credit Risk		11,511		10,036		9,036		9,397		8,369
Allocated to Market Risk		556		398		259		477		296
Allocated to Operational Risk		3,191		2,952		2,758		2,583		2,398
Computable Capital (B)		22,010		20,343		16,144		14,500		14,071
Tier I		16,471		15,213		14,092		12,510		11,732
Tier II		5,539		5,130		2,052		1,990		2,339
Additional Capital – Market Variation		—		—		—		—		—
Excess over Required Capital (B) – (A) (1)		6,752		6,957		4,091		2,043		3,008
Total Capital Ratio (%) (2)		15.04		16.08		14.35		11.75		13.38
Regulatory Ratio (%) (3)		11.82		12.45		10.98		9.52		10.18

14

(*) Through its Communiqué “A” 5831, the Argentine Central Bank established that beginning in December 2015 the capital requirement on credit risk has to be calculated considering the balances as of the last day of each month (previously the balances to be considered were the average balances corresponding to the third month before the determination of the requirement). Regarding computable capital, the one to be considered is that of the same month of the requirement (previously it was that of a month before).

(1) The excess capital covers the 0.25% increase of the additional requirement related to the function of custodian of titles representative of investments of the Fondo de Garantía y Sustentabilidad del Sistema Integrado Previsional Argentino.

(2) Total computable capital / risk weighted assets (credit and market risks).

(3) In accordance with Argentine Central Bank regulations, operational risk is to be considered in order to determine risk weighted assets. The requirement on operational risk is related to the evolution of the average of financial income and fee income.

As of December 31, 2016, the Bank’s consolidated computable capital was Ps.6,752 million (44.3%) higher than the Ps.15,258 million capital requirement. As of December 31, 2015, this excess amounted to Ps.3,008 million or 27.2%.

The minimum capital requirement increased Ps.4,195 million as compared to December 31, 2015, mainly as a result of higher requirements of: (i) Ps.3,142 million due to the growth of the private-sector loan portfolio; and (ii) Ps.793 million on operational risk.

Computable capital increased Ps.7,939 million as compared to December 31, 2015, mainly as a consequence of a higher Tier I capital, for Ps.4,739 million, due to the higher net income, partially offset by higher deductions, resulting from organization and development expenses. Tier II capital recorded a Ps.3,200 million increase, mainly due to: (i) 100% of the balance of the subordinated notes issued on July 19, 2016, for US$250 million can be considered as computable capital, while the proceeds were used to cancel in advance the subordinated notes due in 2019, of which 24% was considered as computable capital; and (ii) the higher balance of the provision for loan losses on the credit portfolio in normal situation.

Percentages
Table XX: Liquidity (unconsolidated)	FY2016								FY2015
	4th Q		3rd Q		2nd Q		1st Q		4th Q
Liquid Assets (*) as a percentage of Transactional Deposits		71.79		78.23		92.09		91.72		91.51
Liquid Assets (*) as a percentage of Total Deposits		47.18		41.21		46.48		42.32		42.93

(*) Liquid assets include cash and due from banks (including deposits with the Argentine Central Bank and the special escrow accounts with the monetary authority), holdings of Lebac and Nobac (Argentine Central Bank’s bills and notes, respectively), net call money interbank loans, short-term placements with correspondent banks and reverse repurchase agreement transactions with the local market.

As of December 31, 2016, the Bank’s liquid assets represented 71.79% of the Bank’s transactional deposits and 47.18% of its total deposits, as compared to 91.51% and 42.93%, respectively, as of December 31, 2015. Ratios for the fourth quarter of fiscal year 2016 were significantly influenced by the seasonal growth of transactional deposits and by the impact on total deposits of deposits related to the Tax Amnesty Law.

15

BANCO DE GALICIA Y BUENOS AIRES S.A.

SELECTED FINANCIAL INFORMATION – CONSOLIDATED DATA ^(*)

In millions of pesos
	FY2016								FY2015
	4th Q		3rd Q		2nd Q		1st Q		4th Q
Cash and Due from Banks		61,132		28,289		28,427		19,891		30,828
Government and Corporate Securities		12,548		22,266		28,764		29,348		15,045
Net Loans		137,451		118,954		109,341		103,240		98,342
Other Receivables Resulting from Financial Brokerage		18,470		16,835		22,148		16,837		8,248
Equity Investments in Other Companies		181		164		177		150		129
Bank Premises and Equipment, Miscellaneous and Intangible Assets		6,571		6,014		5,510		5,051		4,838
Other Assets		3,705		3,447		3,744		4,641		3,120
Total Assets		240,058		195,969		198,111		179,158		160,550
Deposits		151,727		117,511		118,226		108,008		100,183
Other Liabilities Resulting from Financial Brokerage		58,382		51,072		54,314		46,679		37,692
Subordinated Notes		4,065		3,837		3,881		3,653		3,301
Other		5,628		4,961		4,427		4,702		4,503
Minority Interests		1,350		1,234		1,152		1,158		1,059
Total Liabilities		221,152		178,615		182,000		164,200		146,738
Shareholders’ Equity		18,906		17,354		16,111		14,958		13,812
Foreign-Currency Assets and Liabilities
Assets		66,729		35,052		33,607		28,853		27,237
Liabilities		68,544		38,370		34,789		32,775		28,051
Net Forward Purchases/(Sales) of Foreign Currency (1)		4,097		4,806		2,785		3,639		3,142

(*) Banco de Galicia y Buenos Aires S.A. consolidated with subsidiary companies (Section 33 – Law No. 19,550).

(1) Recorded off-balance sheet.

16

BANCO DE GALICIA Y BUENOS AIRES S.A.:

SELECTED FINANCIAL INFORMATION – CONSOLIDATED DATA ^(*)

In millions of pesos
	FY2016												FY2015
	4th Q			3rd Q			2nd Q			1st Q			4th Q
FINANCIAL INCOME		9,391			9,123			9,003			8,694			7,939
Interest on Loans to the Financial Sector		106			104			85			64			42
Interest on Overdrafts		803			809			776			701			573
Interest on Promissory Notes		1,369			1,398			1,619			1,657			1,525
Interest on Mortgage Loans		97			121			133			123			109
Interest on Pledge Loans		22			21			22			23			23
Interest on Credit-Card Loans		3,715			3,440			3,351			2,950			2,567
Interest on Financial Leases		70			70			75			75			71
Interest on Other Loans		1,629			1,363			1,216			1,081			946
Net Income from Government and Corporate Securities		1,147			1,430			1,582			1,343			1,166
Net Income from Options		—			—			—			—			88
Interest on Other Receivables Resulting from Financial Brokerage		8			5			5			12			(6	)
CER Adjustment		6			—			—			—			—
Other		118			163			(19	)		326			982
Quotation Differences on Gold and Foreign Currency		301			199			158			339			(147	)
FINANCIAL EXPENSES		(4,494	)		(5,169	)		(5,377	)		(5,105	)		(4,174	)
Interest on Saving Accounts Deposits		(2	)		(1	)		(1	)		(1	)		(1	)
Interest on Time Deposits		(2,689	)		(3,244	)		(3,671	)		(3,468	)		(2,570	)
Interest on Subordinated Obligations		(82	)		(152	)		(148	)		(151	)		(108	)
Other Interest		(15	)		(11	)		(20	)		(12	)		(119	)
Interest on Interbank Loans Received (Call Money Loans)		(6	)		(4	)		(11	)		(15	)		(15	)
Interest on Other Financing from Financial Entities		(69	)		(51	)		(38	)		(29	)		(20	)
Net Income from Options		(5	)		(2	)		(3	)		(19	)		—
Interest on Other Liabilities Resulting from Financial Brokerage		(801	)		(796	)		(758	)		(601	)		(466	)
Contributions to the Deposit Insurance Fund		(51	)		(50	)		(50	)		(163	)		(138	)
Quotation Differences on Gold and Foreign Currency		—			—			—			—			(256	)
CER Adjustment		(4	)		(2	)		(1	)		—			—
Other		(770	)		(856	)		(676	)		(646	)		(481	)
GROSS FINANCIAL MARGIN		4,897			3,954			3,626			3,589			3,765
PROVISIONS FOR LOAN LOSSES		(1,311	)		(881	)		(723	)		(618	)		(691	)
INCOME FROM SERVICES, NET		3,413			3,071			2,671			2,388			2,380
ADMINISTRATIVE EXPENSES		(4,860	)		(4,385	)		(4,082	)		(3,647	)		(3,607	)
Personnel Expenses		(2,692	)		(2,383	)		(2,270	)		(2,014	)		(1,963	)
Directors’ and Syndics’ Fees		(10	)		(14	)		(14	)		(15	)		(25	)
Other Fees		(161	)		(123	)		(105	)		(83	)		(112	)
Advertising and Publicity		(183	)		(218	)		(200	)		(141	)		(158	)
Taxes		(454	)		(416	)		(391	)		(359	)		(325	)
Depreciation of Premises and Equipment		(85	)		(75	)		(66	)		(60	)		(60	)
Amortization of Organization Expenses		(181	)		(183	)		(187	)		(187	)		(194	)
Other Operating Expenses		(563	)		(556	)		(489	)		(458	)		(427	)
Other		(531	)		(417	)		(360	)		(330	)		(343	)
MINORITY INTEREST RESULTS		(115	)		(84	)		(52	)		(99	)		(113	)
INCOME FROM EQUITY INVESTMENTS		19			31			103			27			24
NET OTHER INCOME / (LOSS)		471			350			275			187			33
INCOME TAX		(962	)		(813	)		(665	)		(681	)		(744	)
NET INCOME / (LOSS)		1,552			1,243			1,153			1,146			1,047

(*) Banco de Galicia y Buenos Aires S.A., consolidated with subsidiary companies (Section 33 – Law No. 19,550).

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BANCO DE GALICIA Y BUENOS AIRES S.A.:

SELECTED FINANCIAL INFORMATION – CONSOLIDATED DATA ^(*)

In millions of pesos
	FY2016			FY2015
FINANCIAL INCOME		36,211			25,641
Interest on Loans to the Financial Sector		359			86
Interest on Overdrafts		3,089			1,878
Interest on Promissory Notes		6,043			5,034
Interest on Mortgage Loans		474			367
Interest on Pledge Loans		88			88
Interest on Credit-Card Loans		13,456			9,257
Interest on Financial Leases		290			227
Interest on Other Loans		5,289			3,299
Net Income from Government and Corporate Securities		5,502			4,155
Net Income from Options		—			92
Interest on Other Receivables Resulting from Financial Brokerage		30			58
Net Income from Secured Loans – Decree No.1387/01		—			1
CER Adjustment		6			3
Other		588			1,096
Quotation Differences on Gold and Foreign Currency		997			—
FINANCIAL EXPENSES		(20,145	)		(13,417	)
Interest on Savings-Accounts Deposits		(5	)		(3	)
Interest on Time Deposits		(13,072	)		(8,535	)
Interest on Subordinated Obligations		(533	)		(374	)
Other Interest		(58	)		(183	)
Interest on Interbank Loans Received (Call Money Loans)		(36	)		(41	)
Interest on Other Financing from Financial Entities		(187	)		(86	)
Interest on Other Liabilities Resulting from Financial Brokerage		(29	)		—
Net Income from Options		(2,956	)		(1,746	)
Contributions to the Deposit Insurance Fund		(314	)		(497	)
Quotation Differences on Gold and Foreign Currency		—			(256	)
CER Adjustment		(7	)		—
Other		(2,948	)		(1,696	)
GROSS FINANCIAL MARGIN		16,066			12,224
PROVISIONS FOR LOAN LOSSES		(3,533	)		(2,214	)
INCOME FROM SERVICES, NET		11,543			8,633
ADMINISTRATIVE EXPENSES		(16,974	)		(12,450	)
Personnel Expenses		(9,359	)		(6,891	)
Directors’ and Syndics’ Fees		(53	)		(102	)
Other Fees		(472	)		(362	)
Advertising and Publicity		(742	)		(541	)
Taxes		(1,620	)		(1,103	)
Depreciation of Premises and Equipment		(286	)		(212	)
Amortization of Organization Expenses		(738	)		(634	)
Other Operating Expenses		(2,066	)		(1,503	)
Other		(1,638	)		(1,102	)
MINORITY INTEREST RESULTS		(350	)		(363	)
INCOME FROM EQUITY INVESTMENTS		180			158
NET OTHER INCOME / (LOSS)		1,283			455
INCOME TAX		(3,121	)		(2,530	)
NET INCOME / (LOSS)		5,094			3,913

(*) Banco de Galicia y Buenos Aires S.A., consolidated with subsidiary companies (Section 33 – Law No. 19,550).

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CONSUMER FINANCE BUSINESS – ADITIONAL INFORMATION

TARJETAS REGIONALES S.A.

The data shown in the following tables correspond to Tarjetas Regionales S.A. consolidated with its subsidiaries (Tarjeta Naranja S.A., Tarjetas Cuyanas S.A., Procesadora Regional S.A. and Cobranzas Regionales S.A.). Figures are stated according to Argentine Central Bank accounting standards.

In millions of pesos, except percentages
Table XXI: Evolution of Consolidated Results	FY2016			FY2015			Variation (%)
Net Financial Income		3,916			2,594			51.0
Net Income from Services		5,034			4,055			24.1
Provisions for Loan Losses		(1,546	)		(678	)		128.0
Administrative Expenses		(5,450	)		(4,003	)		36.1
Operating Income		1,954			1,968			(0.7	)
Net Other Income / (Loss) (*)		568			399			42.4
Income Tax		(1,095	)		(836	)		31.0
Net Income		1,427			1,531			(6.8	)

(*) Includes income from equity investments and minority interest results.

In millions of pesos, except percentages
Table XXII: Selected Information	FY2016						FY2015			Variation (%)
	4th Q			3rd Q			4th Q			4Q16 vs 3Q16			4Q16 vs 4Q15
Total Assets		30,847			27,397			22,682			12.6			36.0
Cash and Due from Banks		461			532			379			(13.3	)		21.6
Loans		26,914			24,164			19,711			11.4			36.5
Total Liabilities		25,347			22,353			18,398			13.4			37.8
Notes		7,157			6,647			4,812			7.7			48.7
Financial Entities		2,379			1,997			1,228			19.1			93.7
Merchants		13,307			11,442			10,630			16.3			25.2
Shareholders’ Equity		5,500			5,044			4,284			9.0			28.4
Net Income		456			330			491			38.2			(7.1	)
Net Financial Income		1,233			997			845			23.7			45.9
Net Income from Services		1,516			1,319			1,163			14.9			30.4
Provisions for Loan Losses		(551	)		(414	)		(224	)		33.1			146.0
Administrative Expenses		(1,560	)		(1,403	)		(1,172	)		11.2			33.1
										Variation (bp)
Loan Portfolio Quality
Non-Accrual Loans to Total Loans (%)		7.08			6.84			5.98			24			110
Allowance for Loan Losses to Total Loans (%)		6.89			6.62			5.70			27			119
Allowance for Loan Losses to Non-Accrual Loans (%)		97.41			96.72			95.36			69			205

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Percentages
Table XXIII:	FY2016		FY2015		Twelve months Ended
Profitability and Efficiency	4th Q		4th Q		12/31/16		12/31/15
Return on Average Assets (*)		6.59		9.84		5.81		8.47
Return on Average Shareholders’ Equity (*)		34.54		49.81		29.45		43.33
Financial Margin (*) (1)		17.92		17.14		16.22		14.60
Net Income from Services as a % of Operating Income (2)		55.15		57.92		56.25		60.99
Net Income from Services as a % of Administrative Expenses		97.18		99.23		92.37		101.30
Administrative Expenses as a % of Operating Income (2)		56.75		58.37		60.89		60.20

(*) Annualized.

(1) Financial Margin: Financial Income minus Financial Expenses, divided by Average Interest-earning Assets.

(2) Operating Income: Net Financial Income plus Net Income from Services.

COMPAÑÍA FINANCIERA ARGENTINA S.A.

In millions of pesos, except percentages
Table XXIV: Evolution of Consolidated Results	FY2016			FY2015			Variation (%)
Net Financial Income		1,453			1,255			15.8
Net Income from Services		244			188			29.8
Provisions for Loan Losses		(346	)		(400	)		(13.5	)
Administrative Expenses		(1,171	)		(886	)		32.2
Operating Income		180			157			14.6
Net Other Income / (Loss) (*)		293			103			184.5
Income Tax		(130	)		(133	)		(2.3	)
Net Income		343			127			170.1

(*) Includes income from equity investments.

In millions of pesos, except percentages
Table XXV: Selected Information	FY2016						FY2015			Variation (%)
	4th Q			3rd Q			4th Q			4Q16 vs 3Q16			4Q16 vs 4Q15
Total Assets		5,894			4,935			3,748			19.4			57.3
Cash and Due from Banks		395			340			345			16.2			14.5
Loans		4,916			4,099			2,929			19.9			67.8
Total Liabilities		4,678			3,831			2,498			22.1			87.3
Deposits		1,413			1,058			617			33.6			129.0
Notes		1,207			1,372			733			(12.0	)		64.7
Financial Entities		1,251			662			435			89.0			187.6
Shareholders’ Equity		1,216			1,104			1,250			10.1			(2.7	)
Net Income		112			97			40			15.5			180.0
Net Financial Income		447			357			435			25.2			2.8
Net Income from Services		65			64			53			1.6			22.6
Provisions for Loan Losses		(123	)		(82	)		(135	)		50.0			(8.9	)
Administrative Expenses		(346	)		(304	)		(251	)		13.8			37.8
										Variation (bp)
Loan Portfolio Quality
Non-Accrual Loans to Total Loans (%)		11.80			13.28			16.10			(148	)		(430	)
Allowance for Loan Losses to Total Loans (%)		6.91			9.45			14.58			(254	)		(767	)
Allowance for Loan Losses to Non-Accrual Loans (%)		58.59			71.21			90.58			(1,262	)		(3,199	)

20

Percentages
Table XXVI:	FY2016		FY2015		Twelve months Ended
Profitability and Efficiency	4th Q		4th Q		12/31/16		4th Q
Return on Average Assets (*)		8.13		4.19		7.50		3.40
Return on Average Shareholders’ Equity (*)		37.49		12.23		29.19		10.35
Financial Margin (*) (1)		36.06		49.21		34.24		36.37
Net Income from Services as a % of Operating Income (2)		12.70		10.86		14.38		13.03
Net Income from Services as a % of Administrative Expenses		18.79		21.12		20.84		21.22
Administrative Expenses as a % of Operating Income (2)		67.58		51.43		69.00		61.40

(*) Annualized.

(1) Financial Margin: Financial Income minus Financial Expenses, divided by Average Interest-earning Assets.

(2) Operating Income: Net Financial Income plus Net Income from Services.

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SUDAMERICANA HOLDING S.A.

INFORMATION DISCLOSURE

The data shown in the tables of this report and the consolidated financial statements correspond to Sudamericana Holding S.A. consolidated with the subsidiaries under its direct or indirect control (Galicia Seguros S.A., Galicia Retiro Compañía de Seguros S.A. and Galicia Broker Asesores de Seguros S.A.).

RESULTS FOR THE TWELVE MONTHS THAT ENDED ON DECEMBER 31, 2016

In millions of pesos, except percentages
Table XXVII:	Twelve months ended:						Variation (%)
Selected Information	12/31/16			12/31/15
Assets		2,217			1,517			46.1
Premiums Receivable		512			408			25.5
Reinsurance Recoverables		3			1			200.0
Liabilities		1,198			871			37.5
Debt with Insureds		214			161			32.9
Debt with Reinsurers		(1	)		8			(112.5	)
Debt with Agents and Brokers		147			85			72.9
Insurance Contract Liabilities		303			240			26.3
Shareholders’ Equity		1,019			640			59.2
Net Income		710			409			73.6
Earned Premiums		3,319			2,441			36.0
Incurred Claims		(461	)		(327	)		41.0
Net Investment Income		316			204			54.9
Commissions and Other		(786	)		(823	)		(4.5	)
Operating Expenses		(983	)		(670	)		46.7
Annualized Sales		1,059			709			49.4

RESULTS FOR THE QUARTER THAT ENDED ON DECEMBER 31, 2016

In millions of pesos, except percentages
Table XXVIII:	Quarters ended:									Variation (%)
Selected Information	12/31/16			09/30/16			12/31/15			Quarter			Annual
Assets		2,217			2,231			1,517			(0.6	)		46.1
Premiums Receivable		512			549			408			(6.7	)		25.5
Reinsurance Recoverables		3			4			1			(25.0	)		200.0
Liabilities		1,198			1,324			871			(9.5	)		37.5
Debt with Insureds		214			182			161			17.6			32.9
Debt with Reinsurers		(1	)		6			8			(116.7	)		(112.5	)
Debt with Agents and Brokers		147			109			85			34.9			72.9
Insurance Contract Liabilities		303			285			240			6.3			26.3
Shareholders’ Equity		1,019			907			646			12.3			57.7
Net Income		112			200			167			(44.0	)		(32.9	)
Earned Premiums		823			873			719			(5.7	)		14.5
Incurred Claims		(138	)		(116	)		(89	)		19.0			55.1
Net Investment Income		72			98			100			(26.5	)		(28.0	)
Commissions and Other		(236	)		(200	)		(196	)		18.0			20.4
Operating Expenses		(276	)		(255	)		(222	)		8.2			24.3
Annualized Sales		311			283			201			9.9			54.7

22

Percentages
Table XXIX:	Quarters ended:				Twelve months ended:
Profitability	12/31/16		12/31/15		12/31/16		12/31/15
Return on Average Assets (*)		20.23		46.63		38.05		32.39
Return on Average Shareholders’ Equity (*)		45.31		116.00		78.70		80.80

(*) Annualized.

23

GALICIA ADMINISTRADORA DE FONDOS S.A.

RESULTS FOR THE FISCAL YEAR THAT ENDED ON DECEMBER 31, 2016

In millions of pesos, except percentages
Table XXX:	FY2016			FY2015			Variation (%)
Selected Information
Shareholders’ Equity		207			120			72.5
Net Income		197			116			69.8
Fees and Commissions		331			182			81.9
Administrative Expenses		(47	)		(27	)		74.1
Commercial Expenses		(20	)		(12	)		66.7

RESULTS FOR THE QUARTER

In millions of pesos, except percentages
	FY2016						FY2015			Variation (%)
Table XXXI: Selected Information	4th Q			3rd Q			4th Q			4Q16 vs 3Q16		4Q16 vs 4Q15
Shareholders’ Equity		207			138			120			50.0		72.5
Net Income		69			60			45			15.0		53.3
Fees and Commissions		122			98			55			24.5		121.8
Administrative Expenses		(19	)		(9	)		(7	)		111.1		171.4
Commercial Expenses		(8	)		(5	)		(4	)		60.0		100.0

In millions of pesos, except percentages
Table XXXII:	Assets Under Management as of:				Variation
Mutual Funds	12/31/16		12/31/15		Ps.			%
Fima Premium		7,130		4,794		2,336			48.7
Fima Ahorro Pesos		15,955		4,705		11,250			239.1
Fima Ahorro Plus		10,195		6,285		3,910			62.2
Fima Capital Plus		562		1,667		(1,105	)		(66.3	)
Fima Renta en Pesos		239		64		175			273.4
Fima Renta Plus		247		132		115			87.1
Fima Abierto Pymes		187		198		(11	)		(5.6	)
Fima Acciones		118		75		43			57.3
Fima PB Acciones		305		255		50			19.6
Fima Mix I		152		—		152			100.0
Fima Renta Dólares I		2,237		—		2,237			100.0
Fima Renta Dólares II		2		—		2			100.0
Total Assets Under Management		37,329		18,175		19,154			105.4

24

RECENT DEVELOPMENTS

BANCO GALICIA

NOTES

On February 10, 2017, the Bank placed notes for a nominal value of US$151 million, denominated in U.S. Dollars (“USD”) which could be paid in USD or in Ps. at the initial exchange rate. The term of the notes is 36 months. The capital amount in USD to be issued on February 17 will be converted into Ps. and on said amount in Ps., an interest rate equivalent to BADLAR plus 269 bp, with a minimum of 16%, will be paid every quarter until the date of maturity. The principal amount will be amortized in full on the date of maturity. Both principal and interest payments will be made in USD or in Ps. according to where holdings are registered, at the exchange rate applicable at each date.

DISTRIBUTION NETWORK

During the quarter, the Bank increased its distribution network with the opening of 6 new branches: 1 in the province of Buenos Aires, 1 in Tierra del Fuego, 1 in Salta, 1 in Tucumán and 2 in the City of Buenos Aires. In addition 2 in-house facilities were opened: 1 in Mendoza and 1 in Córdoba.

COMPAÑÍA FINANCIERA ARGENTINA Y COBRANZAS Y SERVICIOS

On January 12, the Board of Directors accepted the offer to purchase all the shares of Compañía Financiera Argentina S.A. (CFA) and Cobranzas y Servicios S.A. made by Mr. Julio Alfredo Fraomeni and Galeno Capital S.A.U.

The closing of the operation is subject to the prior fulfillment of the conditions contained in the offer, including obtaining the approval of the Argentine Central Bank, and the price offered is subject to certain adjustment variables which incidence may vary depending on the date in which the transaction is definitely closed. Notwithstanding, it is estimated that the economic result of the transaction would not have a significant impact on the Bank’s equity. Regarding the potential impact on capital ratios, the recalculation of the regulatory capital ratio as of December 2016 excluding CFA would amount to 13.04% on an individual basis and to 12.31% at a consolidated level, compared to ratios of 12.26% and 11.82%, respectively, as of the same date.

GREAT PLACE TO WORK

In the Great Place to Work 2016 survey, which involved more than 75,000 employees from 118 companies, Banco Galicia was ranked 3^rd and Tarjeta Naranja 2^nd among the best companies to work in with more than 1,000 employees.

REGULATORY CHANGES

NET POSITION IN FOREIGN CURRENCY

On December 23, 2016, through its Communiqué “A” 6128, the Argentine Central Bank established new limits to the negative net global position in foreign currency, equal to 25% of the computable regulatory capital. Regarding the positive net global position in foreign currency, the limit was also established at 25%, but in the case of computable regulatory capital or of its own liquid resources, whichever is the lesser.

25

CREDIT LINE FOR PRODUCTION FINANCING AND FINANCIAL INCLUSION

Through its Communiqué “A”6084”, issued on October 21, the Argentine Central Bank established a new amount to be granted under “Credit Line for Production Financing and Financial Inclusion” for the first half of 2017, at the end of which financial institutions must have a balance of financing equivalent to at least 18% (15.5% for the second half of 2016) of deposits of non-financial private sector in pesos, calculated based on the monthly average of daily balances of November 2016. For these purposes, the simple average of the daily balances of existing loans between January 1 and June 30, 2017, will be considered. The line has a 17% annual interest rate.

FOREIGN EXCHANGE MARKET

On January 4, through Resolution 1-E/2017 of the Argentine Ministry of Treasury, the 120 day minimum term of permanence in Argentina for the transfer of foreign investment inflows, established by Decree N° 616/05 of the Argentine National Executive Branch, was eliminated, being the last restriction which was still in force in Argentina for foreign investment capital inflows.

This report is a summary analysis of Grupo Financiero Galicia’s financial condition and results of operations as of and for the periods indicated. For a correct interpretation, this report must be read in conjunction with Grupo Financiero Galicia’s financial statements, as well as with all other material periodically filed with the Argentine National Securities Commission (www.cnv.gob.ar), the Buenos Aires Stock Exchange (www.bolsar.com), the Cordoba Stock Exchange (www.bolsacba.com.ar) and the Nasdaq (www.nasdaq.com). In addition, the Argentine Central Bank (www.bcra.gob.ar) may publish information related to Banco Galicia as of a date subsequent to the last date for which the Bank has published information.

Readers of this report must note that this is a translation made from an original version written and expressed in Spanish. Therefore, any matters of interpretation should be referred to the original version in Spanish.

26