BANCO DE GALICIA Y BUENOS AIRES S.A. Page 1 of 91

I N T E R I M F I N A N C I A L S T A T E M E N T S

Free translation of an original version For the period from January 1, 2017 to September 30, 2017 presented in comparative format. written and expressed in Spanish.

NAME: BANCO DE GALICIA Y BUENOS AIRES S.A.

LEGAL DOMICILE: Tte. Gral. Juan D. Perón 430 - City of Buenos Aires.

PRINCIPAL LINE OF Domestic Capital Private-Sector Commercial Bank. BUSINESS:

OF BYLAWS: November 21, 1905.

DATE OF REGISTRATION WITH THE COMMERCIAL COURT OF RECORD

OF THE FIRST AMENDMENT 11-30-1909 and subsequent amendments, the latest being on 07-14-17 - No. 13,976 - Book 85. TO THE BYLAWS:

REGISTRATION NUMBER WITH THE ARGENTINE 167,488. SUPERINTENDENCY OF CORPORATIONS:

EXPIRY OF COMPANY'S BYLAWS: June 30, 2100

See Schedule E and Note 14 to the Financial Statements and in Notes to the Consolidated Financial Statements (Sec. 33 - INFORMATION ON CONTROLLED COMPANIES: Law No. 19,550).

CAPITAL STATUS: See Schedule K.

NAME OF THE CONTROLLING COMPANY: Grupo Financiero Galicia S.A.

LEGAL DOMICILE: Tte. Gral. Juan D. Perón 430, 25 floor - Autonomous City of Buenos Aires - Argentina.

PRINCIPAL LINE OF Financial and Investment Activities. BUSINESS: PERCENTAGE OF EQUITY INTEREST HELD BY THE CONTROLLING COMPANY: 100% (Note 1).

PERCENTAGE OF VOTES TO WHICH THE CONTROLLING 100% (Note 1). COMPANY IS ENTITLED:

Signed for purposes of identification Signed for purposes of identification with our report dated 11 - 09 - 17 with our report dated 11-09-17 PRICE WATERHOUSE & CO. S.R.L. FOR THE SUPERVISORY COMMITTEE C.P.C.E.C.A.B.A. T° 1 - F° 17

------SANTIAGO J. MIGNONE (Partner) JOSE L. RONSINI FABIAN E. KON SERGIO GRINENCO NORBERTO D. CORIZZO Public Accountant (U.B.A.) ACCOUNTING MANAGER GENERAL MANAGER CHAIRMAN SYNDIC C.P.C.E.C.A.B.A. T° 233 - F° 237 BANCO DE GALICIA Y BUENOS AIRES S.A. Page 2 of 91

I N T E R I M F I N A N C I A L S T A T E M E N T S

TABLE OF CONTENTS

CONSOLIDATED FINANCIAL STATEMENTS...... Page 3 to 22

INDIVIDUAL FINANCIAL STATEMENTS...... Page 23 to 83

ADDITIONAL INFORMATION ...... Page 84 to 85

INFORMATIVE REVIEW...... Page 86 to 91

INDEPENDENT AUDITOR'S LIMITED REVIEW REPORT

REPORT OF THE SUPERVISORY COMMITTEE

CONSOLIDATED BALANCE SHEET (Section 33 – Law No. 19,550) For the period from January 1, 2017 Supplementary Information to the Quarterly Financial Statements to September 30, 2017, presented in comparative format FIGURES STATED IN THOUSANDS OF PESOS 09.30.2017 12.31.2016 (Unaudited)

ASSETS CASH AND DUE FROM BANKS 36,143,551 61,131,992 - CASH 8,711,548 7,456,305 - FINANCIAL INSTITUTIONS AND CORRESPONDENTS 27,432,003 53,675,687 - ARGENTINE CENTRAL BANK 26,277,432 51,389,550 - OTHER LOCAL FINANCIAL INSTITUTIONS 71,426 180,897 - FOREIGN 1,083,145 2,105,240

GOVERNMENT AND CORPORATE SECURITIES 22,264,018 12,548,271 - HOLDINGS OF GOVERNMENT SECURITIES RECORDED AT FAIR MARKET VALUE 3,581,963 3,074,883 - HOLDINGS RECORDED AT COST PLUS YIELD 3,606,055 1,922,473 - INVESTMENTS IN QUOTED CORPORATE SECURITIES 543 - - SECURITIES ISSUED BY THE ARGENTINE CENTRAL BANK 15,075,457 7,550,915

LOANS 173,732,719 137,450,622 - TO THE NON-FINANCIAL PUBLIC SECTOR 231 106 - TO THE FINANCIAL SECTOR 4,105,722 2,098,037 - INTERBANK LOANS (CALL MONEY LOANS GRANTED) 1,016,797 862,300 - OTHER FINANCING TO LOCAL FINANCIAL INSTITUTIONS 2,912,142 1,205,228 - ACCRUED INTEREST, ADJUSTMENTS AND QUOTATION DIFFERENCES RECEIVABLE 176,783 30,509 - TO THE NON-FINANCIAL PRIVATE SECTOR AND RESIDENTS ABROAD 175,608,935 140,059,237 - ADVANCES 8,097,697 10,063,087 - PROMISSORY NOTES 30,000,138 25,298,418 - MORTGAGE LOANS 3,919,262 2,178,236 - COLLATERALIZED LOANS 889,274 677,879 - PERSONAL LOANS 22,994,589 15,311,721 - CREDIT CARD LOANS 77,070,070 72,765,948 - OTHER 31,291,258 12,653,202 - ACCRUED INTEREST, ADJUSTMENTS AND QUOTATION DIFFERENCES RECEIVABLE 2,046,382 1,774,831 - (UNALLOCATED COLLECTIONS) (32,719) (21,860) - (DOCUMENTED INTEREST) (667,016) (642,225) - ALLOWANCES (5,982,169) (4,706,758)

OTHER RECEIVABLES RESULTING FROM FINANCIAL BROKERAGE 17,925,337 18,469,601 - ARGENTINE CENTRAL BANK 2,971,679 2,359,284 - AMOUNTS RECEIVABLE FOR SPOT AND FORWARD SALES TO BE SETTLED 3,839,171 734,375 - SECURITIES RECEIVABLE UNDER SPOT AND FORWARD PURCHASES TO BE SETTLED 4,105,011 7,851,134 - PREMIUMS FROM BOUGHT OPTIONS - 3,485 - OTHER RECEIVABLES NOT INCLUDED IN THE DEBTOR CLASSIFICATION REGULATIONS 3,971,159 4,610,896 - NEGOTIABLE OBLIGATIONS WITHOUT QUOTATION 1,305,235 1,220,155 - BALANCES FROM FORWARD TRANSACTIONS WITHOUT DELIVERY OF UNDERLYING ASSET TO BE SETTLED 249,118 111,287 - OTHER RECEIVABLES INCLUDED IN THE DEBTOR CLASSIFICATION REGULATIONS 1,682,896 1,769,308 - ACCRUED INTEREST AND ADJUSTMENTS RECEIVABLE INCLUDED IN THE DEBTOR CLASSIFICATION REGULATIONS 866 679 - ALLOWANCES (199,798) (191,002)

RECEIVABLES FROM FINANCIAL LEASES 1,447,883 957,788 RECEIVABLES FROM FINANCIAL LEASES 1,442,323 954,856 - ACCRUED INTEREST AND ADJUSTMENTS RECEIVABLE 24,821 17,118 - ALLOWANCES (19,261) (14,186)

EQUITY INVESTMENTS 154,854 181,361 - IN FINANCIAL INSTITUTIONS 8,586 7,858 - OTHER 146,324 174,104 - ALLOWANCES (56) (601)

MISCELLANEOUS RECEIVABLES 2,948,286 2,682,267 - RECEIVABLES FOR ASSETS SOLD 118,382 125,650 - MINIMUM PRESUMED INCOME TAX - TAX CREDIT 8,912 9,424 - OTHER 2,850,793 2,559,874 - ACCRUED INTEREST ON AND ADJUSTMENTS TO RECEIVABLES FOR ASSETS SOLD 2,157 1,626 - OTHER ACCRUED INTEREST AND ADJUSTMENTS RECEIVABLE 17,643 28,959 - ALLOWANCES (49,601) (43,266)

BANK PREMISES AND EQUIPMENT 4,157,515 2,809,289

MISCELLANEOUS ASSETS 531,647 1,218,852

INTANGIBLE ASSETS 3,059,472 2,543,201 - ORGANIZATION AND DEVELOPMENT EXPENSES 3,059,472 2,543,201

UNALLOCATED ITEMS 60,214 64,319 TOTAL ASSETS 262,425,496 240,057,563

LIABILITIES DEPOSITS 164,448,855 151,726,966 - NON-FINANCIAL PUBLIC SECTOR 1,480,890 1,294,177 - FINANCIAL SECTOR 138,580 62,957 - NON-FINANCIAL PRIVATE SECTOR AND RESIDENTS ABROAD 162,829,385 150,369,832 - CURRENT ACCOUNTS 28,564,328 26,995,121 - SAVINGS ACCOUNTS 73,597,650 53,728,361 - TIME DEPOSITS 58,019,294 49,713,710 - INVESTMENT ACCOUNTS 205,012 442,665 - OTHER 1,255,833 18,577,409 - ACCRUED INTEREST, ADJUSTMENTS AND QUOTATION DIFFERENCES PAYABLE 1,187,268 912,566

OTHER LIABILITIES RESULTING FROM FINANCIAL BROKERAGE 60,041,746 58,381,742 - ARGENTINE CENTRAL BANK 20,312 12,727 - OTHER 20,312 12,727 - BANKS AND INTERNATIONAL ENTITIES 3,592,674 2,212,995 - UNSUBORDINATED NEGOTIABLE OBLIGATIONS 15,317,898 13,273,470 - AMOUNTS PAYABLE FOR SPOT AND FORWARD PURCHASES TO BE SETTLED 4,179,528 7,818,144 - SECURITIES TO BE DELIVERED UNDER SPOT AND FORWARD SALES TO BE SETTLED 3,963,561 736,819 - PREMIUMS FROM WRITTEN OPTIONS - 2,027 - FINANCING FROM LOCAL FINANCIAL INSTITUTIONS 3,402,275 4,095,357 - INTERBANK LOANS (CALL MONEY LOANS RECEIVED) 443,539 165,000 - OTHER FINANCING FROM LOCAL FINANCIAL INSTITUTIONS 2,916,371 3,800,394 - ACCRUED INTEREST PAYABLE 42,365 129,963 - BALANCES FROM FORWARD TRANSACTIONS WITHOUT DELIVERY OF UNDERLYING ASSET TO BE SETTLED 208,911 141,013 - OTHER 28,727,418 29,717,439 - ACCRUED INTEREST, ADJUSTMENTS AND QUOTATION DIFFERENCES PAYABLE 629,169 371,751

MISCELLANEOUS LIABILITIES 7,195,963 5,233,058 - DIRECTORS' AND SYNDICS' FEES 42,498 40,446 - OTHER 7,153,465 5,192,612

PROVISIONS 572,719 352,354 SUBORDINATED NEGOTIABLE OBLIGATIONS 4,360,056 4,065,255

UNALLOCATED ITEMS 72,748 42,408 MINORITY INTERESTS 1,666,081 1,349,903 TOTAL LIABILITIES 238,358,168 221,151,686

SHAREHOLDERS' EQUITY 24,067,328 18,905,877 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 262,425,496 240,057,563

MEMORANDUM ACCOUNTS DEBIT 719,417,516 386,740,719

CONTINGENT 45,792,088 38,610,674 - LOANS OBTAINED (UNUSED BALANCES) 1,592,027 599,794 - GUARANTEES RECEIVED 28,667,232 25,370,435 - CONTINGENCIES DEBIT-BALANCE CONTRA ACCOUNTS 15,532,829 12,640,445

CONTROL 622,295,531 310,926,662 - UNCOLLECTIBLE LOANS 3,136,237 3,347,678 - OTHER 616,372,870 304,972,028 - CONTROL DEBIT- BALANCE CONTRA ACCOUNTS 2,786,424 2,606,956

DERIVATIVES 42,242,728 29,020,684 - "NOTIONAL" VALUE OF PUT OPTIONS BOUGHT - 149,512 - "NOTIONAL" VALUE OF FORWARD TRANSACTIONS WITHOUT DELIVERY OF UNDERLYING ASSET 19,931,738 16,359,075 - INTEREST RATE SWAPS 1,000 75,000 - DERIVATIVES DEBIT- BALANCE CONTRA ACCOUNTS 22,309,990 12,437,097

TRUST ACCOUNTS 9,087,169 8,182,699 - TRUST FUNDS 9,087,169 8,182,699

CREDIT 719,417,516 386,740,719

CONTINGENT 45,792,088 38,610,674 - LOANS GRANTED - UNUSED BALANCES - INCLUDED IN THE DEBTOR CLASSIFICATION REGULATIONS 10,619,857 9,094,205 - GUARANTEES GRANTED TO THE ARGENTINE CENTRAL BANK - 473,528 - OTHER GUARANTEES GRANTED INCLUDED IN THE DEBTOR CLASSIFICATION REGULATIONS 1,996,991 1,134,828 - OTHER GUARANTEES GRANTED NOT INCLUDED IN THE DEBTOR CLASSIFICATION REGULATIONS 318,880 350,695 - OTHER INCLUDED IN THE DEBTOR CLASSIFICATION REGULATIONS 1,938,862 1,236,641 - OTHER NOT INCLUDED IN THE DEBTOR CLASSIFICATION REGULATIONS 658,239 350,548 - CONTINGENCIES CREDIT-BALANCE CONTRA ACCOUNTS 30,259,259 25,970,229

CONTROL 622,295,531 310,926,662 - CHECKS AND DRAFTS TO BE CREDITED 2,724,651 2,559,608 - OTHER 61,773 47,348 - CONTROL CREDIT-BALANCE CONTRA ACCOUNTS 619,509,107 308,319,706

DERIVATIVES 42,242,728 29,020,684 - "NOTIONAL" VALUE OF CALL OPTIONS WRITTEN - 174,663 - "NOTIONAL" VALUE OF FORWARD TRANSACTIONS WITHOUT DELIVERY OF UNDERLYING ASSET 22,309,990 12,262,434 - DERIVATIVES CREDIT-BALANCE CONTRA ACCOUNTS 19,932,738 16,583,587

TRUST ACCOUNTS 9,087,169 8,182,699 - TRUST LIABILITIES CREDIT-BALANCE CONTRA ACCOUNTS 9,087,169 8,182,699

FINANCIAL INCOME 31,686,577 26,819,686 - INTEREST ON CASH AND DUE FROM BANKS 20 - - INTEREST ON LOANS GRANTED TO THE FINANCIAL SECTOR 415,788 237,016 - INTEREST ON ADVANCES 1,947,386 2,286,415 - INTEREST ON PROMISSORY NOTES 3,931,880 4,098,148 - INTEREST ON MORTGAGE LOANS 258,400 376,717 - INTEREST ON PLEDGE LOANS 83,030 66,123 - INTEREST ON CREDIT CARD LOANS 12,297,190 10,317,717 - INTEREST ON FINANCIAL LEASES 218,580 220,191 - INTEREST ON OTHER LOANS 6,199,706 3,659,788 - NET INCOME FROM GOVERNMENT AND CORPORATE SECURITIES 3,665,841 4,354,489 - INTEREST ON OTHER RECEIVABLES RESULTING FROM FINANCIAL BROKERAGE 40,605 37,711 - NET INCOME FROM SECURED LOANS-DECREE No. 1387/01 1,681 - - CER ADJUSTMENT 107,484 256 - OTHER 1,083,399 469,186 - QUOTATION DIFFERENCES ON GOLD AND FOREIGN CURRENCY 1,435,587 695,929

FINANCIAL EXPENSES 14,661,726 15,650,796 - INTEREST ON CURRENT ACCOUNT DEPOSITS 646 - - INTEREST ON SAVINGS ACCOUNT DEPOSITS 5,119 3,251 - INTEREST ON TIME DEPOSITS 7,658,802 10,383,193 - INTEREST ON SUBORDINATED OBLIGATIONS 256,313 451,326 - OTHER INTEREST 360,293 43,058 - INTEREST ON INTERBANK LOANS RECEIVED (CALL MONEY LOANS) 32,293 30,259 - INTEREST ON OTHER FINANCING FROM FINANCIAL INSTITUTIONS 407,440 117,884 - NET LOSS FROM OPTIONS 1,458 23,505 - INTEREST ON OTHER LIABILITIES RESULTING FROM FINANCIAL BROKERAGE 2,772,144 2,154,566 - CONTRIBUTIONS TO THE DEPOSIT INSURANCE FUND 204,856 262,599 - CER ADJUSTMENT 29,844 3,260 - OTHER 2,932,518 2,177,895

GROSS FINANCIAL MARGIN 17,024,851 11,168,890

LOAN LOSS PROVISION 3,737,053 2,221,881

INCOME FROM SERVICES 15,509,445 11,754,714 - IN RELATION TO LENDING TRANSACTIONS 2,570,585 2,085,767 - IN RELATION TO BORROWING TRANSACTIONS 2,561,525 1,816,367 - OTHER COMMISSIONS 718,114 467,072 - OTHER 9,659,221 7,385,508

EXPENSES FOR SERVICES 4,636,486 3,624,462 - COMMISSIONS 1,659,431 1,499,989 - OTHER 2,977,055 2,124,473

ADMINISTRATIVE EXPENSES 15,952,269 12,114,474 - PERSONNEL EXPENSES 8,691,606 6,666,857

CONSOLIDATED INCOME STATEMENT (Section 33 – Law No. 19,550) For the period from January 1, 2017 Supplementary Information to the Quarterly Financial Statements to September 30, 2017, presented in comparative format FIGURES STATED IN THOUSANDS OF PESOS 09.30.2017 09.30.2016 (Unaudited) (Unaudited) - DIRECTORS' AND SYNDICS' FEES 50,776 43,158 - OTHER FEES 453,751 311,189 - ADVERTISING AND PUBLICITY 606,181 558,798 - TAXES 1,606,346 1,166,162 - DEPRECIATION OF PREMISES AND EQUIPMENT 318,747 200,787 - AMORTIZATION OF ORGANIZATION EXPENSES 487,836 557,227 - OTHER OPERATING EXPENSES 2,093,783 1,502,834 - OTHER 1,643,243 1,107,462

NET INCOME / (LOSS) FROM FINANCIAL BROKERAGE 8,208,488 4,962,787

MINORITY INTERESTS RESULTS (460,684) (234,634)

MISCELLANEOUS INCOME 1,239,088 1,272,038 - INCOME FROM EQUITY INVESTMENTS 267,205 161,323 - DEFAULT INTERESTS 438,517 337,748 - LOANS RECOVERED AND ALLOWANCES REVERSED 361,761 338,680 - OTHER 168,431 434,287 - CER ADJUSTMENT 3,174 -

MISCELLANEOUS LOSSES 623,591 299,802 - DEFAULT INTEREST AND CHARGES IN FAVOR OF THE ARGENTINE CENTRAL BANK 600 3,199 - LOAN LOSS PROVISIONS FOR MISCELLANEOUS RECEIVABLES AND OTHER PROVISIONS 95,064 104,077 - OTHER 512,575 184,006 - DEPRECIATION OF AND LOSSES ON MISCELLANEOUS ASSETS 1,264 966 - AMORTIZATION OF DIFFERENCES ARISING FROM COURT RESOLUTIONS 14,088 7,554

NET INCOME / (LOSS) BEFORE INCOME TAX 8,363,301 5,700,389

INCOME TAX 3,201,850 2,158,682 NET INCOME / (LOSS) FOR THE PERIOD 5,161,451 3,541,707

CONSOLIDATES STATEMENT OF CASH FLOWS

(Section. 33 – Law No. 19,550) For the period from January 1, 2017 Supplementary Information to the Quarterly Financial Statements to September 30, 2017, presented in comparative format. FIGURES STATED IN THOUSANDS OF PESOS 09.30.2017 09.30.2016 (Unaudited) (Unaudited)

CHANGES IN CASH AND CASH EQUIVALENTS Cash at Beginning of Fiscal Year 71,766,169 42,367,731

Cash at Period End 56,979,610 46,077,075

Net (Decrease) / Increase in Cash (in Constant Currency) (14,786,559) 3,709,344

CAUSES OF CHANGES IN CASH (IN CONSTANT CURRENCY)

Operating Activities

Net Collections / (Payments) Related to: - Government and Corporate Securities 489,151 2,217,339

- Loans - To the Financial Sector (1,671,197) 61,395

- To the Non-Financial Public Sector 1,556 215

- To the Non-Financial Private Sector and Residents Abroad (6,573,473) 1,304,066

- Other Receivables Resulting from Financial Brokerage 421,076 1,101,057

- Receivables from financial leases (276,590) 330,479

- Deposits - To the Financial Sector 75,623 46,068

- To the Non-Financial Public Sector 186,713 490,667

- To the Non-Financial Private Sector and Residents Abroad 36,522 3,735,880

- Other Liabilities Resulting from Financial Brokerage

- Financing from the Financial Sector - Interbank Loans (Call Money Loans Received) 246,246 (82,359)

- Others (Except those Liabilities Included in Financial Activities) (1,488,334) (1,892,038)

Collections Related to Income from Services 15,509,445 11,754,714

Payments Related to Expenses for Services (4,524,873) (3,587,333)

Administrative Expenses Paid (15,119,077) (11,306,976)

Payment Related to Organization and Development Expenses (1,004,352) (884,513)

Net Collections / (Payments) Related to Default Interest 437,917 334,549

Differences Deriving from Court Resolutions Paid (14,088) (7,554)

Collection Related to Dividends from Other Companies 247,708 117,395

Other Collections / (Payments) Related to Miscellaneous Profits and Losses (158,028) 187,887 Net Collections / (Payments) Related to Other Operating Activities - To Other Receivables and Miscellaneous Liabilities (2,396,496) (2,282,742)

CONSOLIDATES STATEMENT OF CASH FLOWS

Payment of the Income Tax / Minimum Presumed Income Tax (1,779,778) (1,575,744)

Net Cash Flow (Used in) Operating Activities (16,136,323) (86,390)

Investment Activities Net Collections/ (Payments) Related to Bank Premises and Equipment (583,083) (656,138)

Net Collections/ (Payments) Related to Miscellaneous Assets (381,834) (389,290)

Collections of Equity Investments Sold 172,248 -

Other Collections/ (Payments) for Investment Activities (10,051) -

- Other (10,051) -

Net Cash Flow (Used in) Investment Activities (802,720) (1,045,428)

Financing Activities

Net Collections / (Payments) Related to: - Unsubordinated Negotiable Obligations 269,242 976,085

-Argentine Central Bank - Other 7,585 3,744

- Banks and International Entities 1,110,460 384,082

- Subordinated Obligations (342,049) (386,591)

- Loans from Local Financial Institutions (1,328,073) 1,079,379

Payment of Dividends (97,004) (59,610)

Net Cash Flow (Used in) / Provided by Financing Activities (379,839) 1,997,089

Financial Income on Cash and Cash Equivalents (Including Interest and the Monetary Loss) 2,532,323 2,844,073

Net (decrease) / Increase in cash for the period (14,786,559) 3,709,344

CONSOLIDATED STATEMENT OF DEBTORS STATUS For the period from January 1, 2017 to September 30, 2017, presented in comparative format (Section 33 – Law No.19,550) Supplementary Information to the Quarterly Financial Statements 09.30.2017 12.31.2016 FIGURES STATED IN THOUSANDS OF PESOS (Unaudited) COMMERCIAL PORTFOLIO Normal 77,282,185 55,785,733 With "A" Preferred Collateral and Counter-guarantees 110,215 117,608 With "B" Preferred Collateral and Counter-guarantees 4,783,251 2,787,547 Without Preferred Collateral or Counter-guarantees 72,388,719 52,880,578 With special follow-up - Under observation 65,505 124,037 With "A" Preferred Collateral and Counter-guarantees 7,659 - With "B" Preferred Collateral and Counter-guarantees 4,471 50,931 Without Preferred Collateral or Counter-guarantees 53,375 73,106 With problems 80,068 75,354 With "B" Preferred Collateral and Counter-guarantees 51,357 39,697 Without Preferred Collateral or Counter-guarantees 28,711 35,657 High risk of insolvency 118,486 91,686 With "A" Preferred Collateral and Counter-guarantees - 395 With "B" Preferred Collateral and Counter-guarantees 22,682 29,696 Without Preferred Collateral or Counter-guarantees 95,804 61,595 Uncollectible 319 16,989 With "B" Preferred Collateral and Counter-guarantees - 249 Without Preferred Collateral or Counter-guarantees 319 16,740 Total commercial portfolio 77,546,563 56,093,799 CONSUMER AND HOUSING PORTFOLIO Normal Situation 112,706,832 94,438,835 With "A" Preferred Collateral and Counter-guarantees 18,435 19,119 With "B" Preferred Collateral and Counter-guarantees 3,577,582 1,318,010 Without Preferred Collateral or Counter-guarantees 109,110,815 93,101,706 Low risk 2,875,652 2,621,212 With "A" Preferred Collateral and Counter-guarantees 1,567 13 With "B" Preferred Collateral and Counter-guarantees 7,668 17,422 Without Preferred Collateral or Counter-guarantees 2,866,417 2,603,777 Medium risk 1,939,348 1,700,581 With "A" Preferred Collateral and Counter-guarantees 392 - With "B" Preferred Collateral and Counter-guarantees 10,959 12,269 Without Preferred Collateral or Counter-guarantees 1,927,997 1,688,312 High risk 2,506,258 2,005,901 With "A" Preferred Collateral and Counter-guarantees 303 - With "B" Preferred Collateral and Counter-guarantees 4,004 10,085 Without Preferred Collateral or Counter-guarantees 2,501,951 1,995,816 Uncollectible 1,265,125 844,958 With "A" Preferred Collateral and Counter-guarantees 91 272 With "B" Preferred Collateral and Counter-guarantees 31,098 5,020 Without Preferred Collateral or Counter-guarantees 1,233,936 839,666 Uncollectible due to technical reasons 7,500 7,160 Without Preferred Collateral or Counter-guarantees 7,500 7,160 Total consumer and housing portfolio 121,300,715 101,618,647 General Total 198,847,278 157,712,446

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS WITH CONTROLLED PARTIES (SEC. 33 OF LAW NO. 19550) FOR THE FOR THE PERIOD FROM JANUARY 1, 2016, TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS) NOTE 1 - BASIS OF PRESENTATION OF THE FINANCIAL STATEMENTS 1.1 - DISCLOSURE CRITERIA The Financial Statements, which stem from accounting records, are presented in line with the provisions of the Argentine Central Bank regarding financial reporting requirements for the publication of quarterly and annual financial statements, and with the guidelines of the General Resolution No. 622/13 of the National Securities Commission (“CNV”) and supplementary regulations. This resolution provides that, in all cases, the consolidated financial statements must precede the individual financial statements; therefore, these financial statements have been presented in accordance with this guideline. These financial statements include the balances corresponding to the operations carried out by Banco de Galicia y Buenos Aires S.A. the Bank) and its subsidiaries located in Argentina and form part of the Bank’s financial statements as supplementary information, reason for which they should be read in conjunction with them. These financial statements have been adjusted for inflation as mentioned in note 2 item 2.2.1. to the individual financial statements. These criteria differ in certain aspects from the requirements of the professional accounting standards applicable in the Autonomous City of Buenos Aires (“Argentine GAAP”), as explained in note 23 to the individual financial statements. Certain balance sheet and income statement figures have been reclassified for purposes of their comparative presentation with those of the current period.

1.2 - ACCOUNTING STANDARDS USED The accounting standards used in preparing the financial statements of the consolidated companies mentioned in note 2 have been adapted to the valuation and disclosure standards followed by the parent company. These standards are described in note 2 to the individual financial statements.

NOTE 2 - CONSOLIDATION BASIS The following are the total stock holdings, assets, liabilities, shareholders’ equity and results of the companies controlled directly and indirectly.

Issuing Shares Percentage held in Company Class Direct and indirect holdings Total Capital Stock Possible votes (stated in units) 09-2017 12-2016 09-2017 12-2016 09-2017 12-2016

Tarjetas Regionales S.A.(1) Ordinary(*) 829,886,212 829,886,212 77.00 77.00 77.00 77.00 Galicia Valores S.A.(2) Ordinary 990,000 999,100 99.00 99.91 99.00 99.91 Tarjetas Cuyanas S.A.(3) Ordinary(**) 2,489,628 2,489,628 77.00 77.00 77.00 77.00 Tarjeta Naranja S.A.(4) Ordinary(**) 1,848 1,848 77.00 77.00 77.00 77.00 Tarjetas del Mar S.A. (5) Ordinary(**) - 4,784,770 - 59.96 - 59.96 Cobranzas Regionales S.A. Ordinary(***) 7,700 7,700 77.00 77.00 77.00 77.00 Compañía Financiera Argentina S.A. (6) Ordinary 540,835,625 540,835,625 97.00 97.00 97.00 97.00 Cobranzas y Servicios S.A. (7) Ordinary 475,014 475,014 99.85 99.85 99.85 99.85 Procesadora Regional S.A. Ordinary 12,709,967 12,709,967 78.15 78.15 78.15 78.15

(1) See note 26 Subsequent Events as of period end to the individual financial statements. (2) During this period, the Bank accepted an offer for the sale of 20,000 representing shares 2% of Galicia Valores S.A. owned by Compañía Financiera Argentina S.A.. Also, said company made an offer for the sale of the remaining 1% of its holding in Galicia Valores S.A. to Grupo Financiero Galicia S.A., which has been accepted. (3) and (4) See note 11a) Subsequent Events as of period end to the consolidated financial statements. (5) On March 30, 2017, the Bank and its subsidiary, Compañía Financiera Argentina S.A., sold its total holdings in Tarjetas del Mar S.A. to Sociedad Anónima Importadora y Exportadora de la Patagonia and to Engineer Federico Braun, respectively. The transaction amount was US$ 5,000 and did not have a significant effect on the Bank Shareholder's Equity. (6) and (7) On January 12, 2017 the Bank Board of Directors has decided to accept an offer for the purchase of all shares held in Compañía Financiera Argentina S.A. and Cobranzas y Servicios S.A. by Mr. Julio Alfredo Fraomeni and Galeno Capital S.A.U. Closing is contingent upon the compliance of the offer terms and conditions, among them, approval by the Argentine Central Bank (See note 2.2.2.7 to the individual financial statements).

(*) Ordinary A and B (**) face value of 10 (***) face value of 100

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS WITH CONTROLLED PARTIES (SEC. 33 OF LAW NO. 19550) FOR THE FOR THE PERIOD FROM JANUARY 1, 2016, TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS) Issuing Assets Liabilities Shareholders' Equity Results Company 09-2017 12-2016 09-2017 12-2016 09-2017 12-2016 09-2017 09-2016

Tarjetas Regionales S.A. 7,694,694 6,097,436 15,966 15,175 7,678,728 6,082,261 1,985,615 1,147,632 Galicia Valores S.A. 166,381 89,004 26,587 6,268 139,794 82,736 57,058 15,964 Tarjetas del Mar S.A. - 1,296,643 - 1,138,482 - 158,161 - 15,430 Tarjeta Naranja S.A. 26,070,080 24,997,877 20,022,290 20,316,446 6,047,790 4,681,431 1,726,359 966,925 Tarjetas Cuyanas S.A. 5,615,791 5,592,813 4,484,787 4,641,761 1,131,004 951,052 230,819 144,286 Cobranzas Regionales S.A. 67,781 61,374 34,578 31,082 33,203 30,292 2,911 6,000 Compañía Financiera Argentina S.A. 7,610,287 5,893,851 6,422,045 4,678,351 1,188,242 1,215,500 222,742 230,701 Cobranzas y Servicios S.A. 31,110 27,508 21,354 18,855 9,756 8,653 1,103 18,958 Procesadora Regional S.A. 25,975 22,404 5,406 7,439 20,569 14,965 5,604 3,540

The procedure followed to include the accounts of the controlled companies was as follows: 1) The financial statements of said companies were adapted, as suitable, to the valuation and disclosure standards set by the Argentine Central Bank and cover the same period as that of the financial statements of the Bank.

The financial statements as of September 30, 2017 of Tarjetas Regionales S.A. a company in which the Bank has a 77% interest, used for consolidation purposes were in turn consolidated on a line-by-line basis with the financial statements of Tarjeta Naranja S.A., Tarjetas Cuyanas S.A., Cobranzas Regionales S.A. and Procesadora Regional S.A.. The percentages directly held in those companies' capital stock are as follows:

September 2017 December 2016 Directly and indirectly held Tarjetas Cuyanas S.A. 77% 77% Tarjeta Naranja S.A. 77% 77% Procesadora Regional S.A. 78.15% 78.15% Cobranzas Regionales S.A. 77% 77%

2) The significant items arising from intercompany transactions among the consolidated companies, not involving third parties, have been eliminated from the Balance Sheet, Income Statement and Statement of Cash Flows.

3) The portion of the controlled companies’ shareholders’ equity owned by third parties is disclosed in the Balance Sheet, under the "Minority Interests" caption.

4) The results corresponding to minority interests are disclosed in the Income Statement under "Minority Interests Results".

NOTE 3 - MINORITY INTERESTS The breakdown of the complementary interests included in the "Minority Interests" caption is as follows:

September December 2017 2016 COMPANY % %

GALICIA VALORES S.A. 1.00 0.09 TARJETAS REGIONALES S.A. 23.00 23.00 TARJETAS CUYANAS S.A. 23.00 23.00 TARJETA NARANJA S.A. 23.00 23.00 TARJETAS DEL MAR S.A. - 40.04 COBRANZAS REGIONALES S.A. 23.00 23.00 COMPAÑÍA FINANCIERA ARGENTINA S.A. 3.00 3.00 COBRANZAS Y SERVICIOS S.A. 0.15 0.15 PROCESADORA REGIONAL S.A. 21.85 21.85

NOTE 4 - RESTRICTED ASSETS OF CONTROLLED COMPANIES

In addition to what is stated in note 3 to the individual financial statements, the ability to dispose of the following assets of the controlled companies required to be consolidated was restricted as follows:

a. Galicia Valores S.A - Liquid matching entry required to operate as CNV agents $ 4,275.-

b. Tarjetas Cuyanas S.A. - Collateral in relation to real state lease agreements $ 1,672.-

c. Tarjeta Naranja S.A. - Attachments related to lawsuits $ 460.- - Collateral in relation to real state lease agreements $ 2,759.-

d. Compañía Financiera Argentina S.A: - For credit and debit card transactions $ 14,612.- - For attachments $ 494.- - For transactions with the MAE $ 165.- - For litigations $ 944.- - For Repo Transactions $ 36,145.- - Special escrow accounts with the Argentine Central Bank as guarantees for transactions involving electronic clearing house $ 37,034.-

Attachments have been fully provisioned as of the date of these financial statements.

The total amount of restricted assets for the aforementioned items of the controlled companies required to be consolidated as of September 30, 2017 amounts to $98,560, while as of December 31, 2016 it amounted to $ 189,713.

NOTE 5 - ISSUANCE OF NEGOTIABLE OBLIGATIONS

In addition to the provisions of note 8 to the individual financial statements, the consolidated companies have the following negotiable obligations outstanding:

1. Tarjetas Regionales S.A.

As of the date of preparation of these financial statements, the companies controlled by Tarjetas Regionales S.A. have outstanding the following issuance programs and negotiable obligations series, issued in order to finance its operations:

Tarjeta Naranja S.A.

DATE OF APPROVAL AUTHORIZED TYPE OF NEGOTIABLE BY THE PROGRAM'S TERM CNV APPROVAL AMOUNT OBLIGATION SHAREHOLDERS' MEETING Ordinary, non- Resolution No. 16,822 US$ 650,000 5 years 03.08.12 convertible into shares dated 05.23.2012 The Company's shareholders' meeting approved the extension of the program's effective period, which was authorized by the CNV through Resolution No. 17,676 of May 21, 2015.

As of period/fiscal year end, the Bank has the following negotiable obligations outstanding:

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS WITH CONTROLLED PARTIES (SEC. 33 OF LAW NO. 19550) FOR THE FOR THE PERIOD FROM JANUARY 1, 2016, TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS) Book Value (*) Issue Placement (in thousands of Pesos) Class authorized date Currency Amount Type Term Due date Rate Number by the CNV

on 09.30.2017 12.31.2016

Ordinary, Fixed. 01.28.11 US$ XIII US$ 200,000 non- 2,192 01.28.17 9% 01.14.11 - 1,073,548 convertible days NAR into shares Ordinary, Variable 02.26.14 $ XXIV $ 33,500 non- 1,096 02.26.17 BADLAR + 02.14.14 - 33,500 Series convertible days 5% II into shares Ordinary, Variable 01.22.15 $ XXVIII $129,000 non- 731 01.22.17 BADLAR + 01.09.15 - 36,644 Series convertible days 4.50% II into shares Ordinary, Mixed 04.27.15 $ XXIX $334,030 non- 731 04.27.17 27.75% / 04.16.15 - 169,530 convertible days BADLAR + into shares 4.50% Ordinary, Mixed 06.29.15 $ XXX $400,000 non- 731 06.29.17 27.75% / 06.18.15 - 400,000 convertible days BADLAR + into shares 4.50% Ordinary, Mixed 27% 10.19.15 $ XXXI $370,851 non- 548 04.19.17 / BADLAR + 10.07.15 - 201,168 convertible days 4.50% into shares Ordinary, Variable 01.20.16 $ XXXII $260,811 non- 639 10.20.17 BADLAR + 12.15.15 86,954 260,811 convertible days 4.50% into shares Ordinary, Minimum XXXIII non- 548 rate 37% / 04.13.16 $ $133,092 10.13.17 03.28.16 133,092 133,092 Series I convertible days BADLAR + into shares 4.50 % Ordinary, Minimum XXXIII non- 1,095 rate 37% / 04.13.16 $ Series $366,908 04.13.19 03.28.16 366,908 366,908 convertible days BADLAR + II into shares 5.40% Ordinary, Minimum XXXIV non- 548 rate 32% / 06.29.16 $ $124,603 12.29.17 06.21.16 124,603 124,603 Series I convertible days BADLAR + into shares 3.38% Ordinary, Minimum XXXIV non- 1,461 rate 32% / 06.29.16 $ Series $475,397 06.29.20 06.21.16 475,397 475,397 convertible days BADLAR + II into shares 4.67% Ordinary, Minimum XXXV non- 546 rate 26% / 09.27.16 $ $225,611 03.27.18 09.15.16 225,611 225,611 Series I convertible days BADLAR + into shares 2.99% Ordinary, Minimum XXXV non- 1,461 rate 26% / 09.27.16 $ Series $774,389 09.27.20 09.15.16 774,389 774,389 convertible days BADLAR + II into shares 3.99% Minimum Ordinary, rate XXXVI non- 547 12.07.16 $ $210,571 06.07.18 25.25% / 11.23.16 210,571 210,571 Series I convertible days BADLAR + into shares 3.25%

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS WITH CONTROLLED PARTIES (SEC. 33 OF LAW NO. 19550) FOR THE FOR THE PERIOD FROM JANUARY 1, 2016, TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS) Minimum Ordinary, XXXVI rate non- 1,095 12.07.16 $ Series $636,409 12.07.19 25.25% / 11.23.16 636,409 636,409 convertible days II BADLAR + into shares 4.00% Minimum Ordinary, rate non- 1,826 04.11.17 $ XXXVII $3,845,700 04.11.22 15.00% / 03.30.17 3,845,700 - convertible days BADLAR + into shares 3.50%

As of the date of these financial statements, Negotiable Obligations Class XXXII and Class XXXIII Series I were settled.

(*) Corresponds to the principal amount outstanding as of the indicated dates.

Tarjetas Cuyanas S.A.

DATE OF APPROVAL AUTHORIZED TYPE OF NEGOTIABLE BY THE APPROVED BY THE PROGRAM'S TERM AMOUNT OBLIGATION SHAREHOLDERS' CNV MEETING Resolution No.16,328 03.30.10 ratified on Ordinary, non- dated 05.18.10 and US$ 250,000 convertible into 5 years 04.06.10 and Resolution No.17,072 shares 02.15.13 dated 05.02.13

Within said program and as of period/fiscal year end, the Bank has the following negotiable obligations outstanding:

Book Value (*) Issue (in thousands of Pesos) Placement Class Currency Amount Type Term Due date Rate authorized by date Number the CNV on 09.30.2017 12.31.2016

Ordinary, Variable 02.20.15 $ XIX $75,555 non- 731 02.20.17 BADLAR + 02.06.15 - 77,602 Series II convertible days 4.95% into shares Ordinary, Variable 08.12.15 $ XXI $232,000 non- 550 02.12.17 BADLAR + 07.29.15 - 239,610 convertible days 4.50% into shares Ordinary, Variable 11.13.15 $ XXII $300,000 non- 547 05.13.17 BADLAR + 11.03.15 - 309,005 convertible days 4.25% into shares Ordinary, Variable 03.16.16 $ XXIII $242,000 non- 549 09.16.17 BADLAR + 03.07.16 - 243,349 convertible days 4.99% into shares Ordinary, Variable XXIV non- 549 05.05.16 $ $65,691 11.05.17 BADLAR + 04.22.16 68,223 67,832 Series I convertible days 4.08% into shares Ordinary, Variable XXIV non- 1,095 05.05.16 $ $234,309 05.05.19 BADLAR + 04.22.16 242,593 241,767 Series II convertible days 4.98% into shares

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS WITH CONTROLLED PARTIES (SEC. 33 OF LAW NO. 19550) FOR THE FOR THE PERIOD FROM JANUARY 1, 2016, TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS) Ordinary, Variable non- 1,461 07.26.16 $ XXV $400,000 07.26.20 BADLAR + 07.13.16 415,218 417,908 convertible days 3.94% into shares Ordinary, Variable XXVI non- 547 10.24.16 $ $149,763 04.24.18 BADLAR + 10.14.16 155,847 155,639 Series I convertible days 2.75% into shares Ordinary, Variable XXVI non- 1,461 10.24.16 $ $350,237 10.24.20 BADLAR + 10.14.16 363,854 363,691 Series II convertible days 4.00% into shares Ordinary, Variable XXVII non- 1,095 02.10.17 $ $500,000 02.10.20 BADLAR + 02.02.17 513,397 - Series II convertible days 3.50% into shares Ordinary, Variable XXVIII non- 730 06.09.17 $ $128,175 06.09.19 BADLAR + 05.29.17 128,957 - Series I convertible days 3.05% into shares Ordinary, Variable XXVIII non- 1,461 06.09.17 $ $371,825 06.09.21 BADLAR + 05.29.17 373,950 - Series II convertible days 3.07% into shares

As of the date of these financial statements, Negotiable Obligations Class XXIV Series I were settled.

(*) Corresponds to the principal and interest amount outstanding as of the indicated dates.

2. Compañía Financiera Argentina S.A.

As of the date of preparation of these financial statements, the company has outstanding the following issuance programs and negotiable obligations series, issued in order to finance its operations:

DATE OF APPROVAL AUTHORIZED TYPE OF NEGOTIABLE BY THE PROGRAM'S TERM APPROVED BY THE CNV AMOUNT OBLIGATION SHAREHOLDERS' MEETING Resolution No. 15,440 dated 08.03.06, extended by Resolution No. 16,505 dated 01.27.11 and Ordinary, non- 11.21.05, 10.08.07, Resolution No. 17,958 dated US$ 250,000 convertible into 5 years 11.25.10 and 01.08.16. shares 04.17.15 Amount increase approved by Resolution No 15,848 dated 03.19.08 and Resolution No. 16,505 dated 01.27.11

Within this program, the Company has, at the end of the period/fiscal year, the following negotiable obligations outstanding:

Book Value (*) Issue (in thousands of Pesos) Placement Class Currency Amount Type Term Due date Rate authorized by date Number the CNV on 09.30.2017 12.31.2016

Ordinary, Fixed XIV non- 21 27.24% 05.05.15 Single $249,000 02.05.17 04.15.15 - 77,636 $ convertible months until the series into shares 9th month,

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS WITH CONTROLLED PARTIES (SEC. 33 OF LAW NO. 19550) FOR THE FOR THE PERIOD FROM JANUARY 1, 2016, TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS) then Variable BADLAR+ 4.25% Fixed Ordinary, 27.99% until the XV non- $ 21 9th month, 07.30.15 Single $210,000 convertible 04.30.17 07.22.15 - 146,472 months then series into shares Variable BADLAR+ 4.50% Ordinary, XVI Variable non- 21 02.02.16 Single $300,000 08.02.17 BADLAR+ 01.21.16 - 311,790 $ convertible months series 4.50% into shares Minimum fixed of 36% until Ordinary, the 3rd XVII non- 18 05.24.16 $ $58,333 11.24.17 month, 05.12.16 59,673 67,125 Series I convertible months then into shares Variable Badlar + 4% Minimum fixed of 36% until Ordinary, the 6th XVII non- 36 05.24.16 $ $287,500 05.24.19 month, 05.12.16 294,394 286,124 Series II convertible months then into shares Variable Badlar + 4.98% Minimum fixed of 29.50% Ordinary, XVIII until the non- 18 08.05.16 $ Single $350,000 02.05.18 3rd month, 07.29.16 362,770 361,384 convertible months Series then into shares Variable Badlar + 2.88% Minimum fixed of 23.25% Ordinary, until the XIX non- 18 05.08.17 $ $100,000 11.08.18 3rd month, 04.27.17 103,066 - Series I convertible months then into shares Variable Badlar + 2.90% Minimum fixed of 23.00% Ordinary, until the XIX non- 36 05.08.17 $ $400,000 05.08.20 6th month, 04.27.17 412,493 - Series II convertible months then into shares Variable Badlar + 3.49%

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS WITH CONTROLLED PARTIES (SEC. 33 OF LAW NO. 19550) FOR THE FOR THE PERIOD FROM JANUARY 1, 2016, TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS) Minimum fixed of 26.50% Ordinary, until the XX non- 18 07.25.17 $ $401,667 01.25.19 3rd month, 14.07.17 419,454 - Series I convertible months then into shares Variable Badlar + 4.25% Minimum fixed of 26.00% Ordinary, until the XX non- 36 07.25.17 $ $348,333 07.25.20 6th month, 07.14.17 363,318 - Series II convertible months then into shares Variable Badlar + 4.25%

(*) Corresponds to the principal and interest amount outstanding as of the indicated dates.

3. Tarjetas del Mar S.A.

As of the prior fiscal year's end, the company had outstanding the following issuance programs and negotiable obligations series, issued in order to finance its operations (see note 2 to the Consolidated Financial Statements):

DATE OF APPROVAL AUTHORIZED TYPE OF NEGOTIABLE BY THE PROGRAM'S TERM APPROVED BY THE CNV AMOUNT OBLIGATION SHAREHOLDERS' MEETING Ordinary, non- Resolution No.17,969 dated 01.21.16 US$ 75,000 convertible into 5 years 03.19.15

Within this program, the Company has, at fiscal year end, the following negotiable obligations outstanding:

Book Value (*) (in Issue Placement Class thousands of Currency Amount Type Term Due date Rate authorized by date Number Pesos) the CNV on

12.31.2016

Ordinary, Variable 02.19.16 $ I $150,000 non- 18 08.19.17 BADLAR + 02.04.16 154,032 convertible months 4.5% into shares

(*) Corresponds to the principal and interest amount outstanding as of the stated date.

NOTE 6 - DERIVATIVE FINANCIAL INSTRUMENTS

In addition to the provisions of note 9 to the individual financial statements, the controlled companies have the following negotiable obligations outstanding:

Tarjetas Regionales S.A. and subsidiaries FORWARD PURCHASE OF FOREIGN CURRENCIES WITHOUT DELIVERY OF THE UNDERLYING ASSET

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS WITH CONTROLLED PARTIES (SEC. 33 OF LAW NO. 19550) FOR THE FOR THE PERIOD FROM JANUARY 1, 2016, TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS) As of December 31, 2016, the companies have subscribed US dollars forward purchase agreements for a total of $ 1,087,812.

Compañía Financiera Argentina S.A. FORWARD PURCHASE OF FOREIGN CURRENCIES WITHOUT DELIVERY OF THE UNDERLYING ASSET As of December 31, 2016 sale operations were recorded for $ 50,737.

NOTE 7 - RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF PROFITS

In addition to the statement made in Note 4 to the individual financial statements, and in accordance with Section 70 of the General Corporations Law, stock companies must set up a reserve of not less than 5% of the realized and liquid profits shown in the income statement for the fiscal year, until 20% of the corporate stock is reached. When this reserve falls below that percentage for any reason, no profits may be distributed until this minimum reserve is restored.

The Ordinary and Extraordinary Shareholder’s Meeting of Tarjeta Naranja S.A. 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, said restriction shall remain in force as long as the company's shareholder's equity is below $ 300,000.

In the price supplement to Negotiable Obligations Class XXXVII, the Company committed itself not to distribute profits exceeding 50% of its net income and provided that some indebtedness ratios are not exceeded.

In the case of Compañía Financiera Argentina S.A. the restrictions set forth in note 4 to the individual financial statements apply.

NOTE 8 - MINIMUM PRESUMED INCOME TAX In addition to what is stated in note 2, item 2.2.2.14 to the individual financial statements, as of September 30, 2017 and December 31, 2016 controlled companies record under assets a Minimum Presumed Income Tax for $8,912 and $9,424, respectively.

NOTE 9- BREAKDOWN OF "OTHER" ITEMS

09.30.2017 12.31.2016 (Unaudited) -IN THE CONSOLIDATED BALANCE SHEET -ASSETS -OTHER RECEIVABLES RESULTING FROM FINANCIAL BROKERAGE -OTHERS NOT INCLUDED IN THE DEBTOR 3,971,159 4,610,896 CLASSIFICATION REGULATIONS Participation certificates and debt securities 1,724,316 1,641,314 in financial trusts without quotation N.O. purchased – Own issuance 513,662 924,155 Mutual funds without quotation 1,732,505 2,044,177 Other 676 1,250

-MISCELLANEOUS RECEIVABLES 2,850,793 2,559,874 Sundry debtors 453,521 409,657 Guarantee deposits 1,631,604 1,536,664 Payments in advance 425,420 310,814 Tax prepayments 202,065 259,421 Other 138,183 43,318

-LIABILITIES -OTHER LIABILITIES RESULTING FROM FINANCIAL BROKERAGE - OTHER 28,727,418 29,717,439 Collections on behalf of third parties and other liabilities 3,195,755 3,220,207

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS WITH CONTROLLED PARTIES (SEC. 33 OF LAW NO. 19550) FOR THE FOR THE PERIOD FROM JANUARY 1, 2016, TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS) Liabilities for financing of purchases 20,430,048 20,812,777 Other withholdings and collections 1,226,711 1,518,962 Our accounts in correspondent Banks 633,774 1,142,363 Liabilities subject to Minimum Cash Requirements 252,326 362,641 Sundry not subject to Minimum Cash Requirements 2,246,264 2,362,934 Accrued commissions payable 161,354 111,503 Other 581,186 186,052

-MISCELLANEOUS LIABILITIES 7,153,465 5,192,612 Sundry creditors 1,822,169 1,079,683 Taxes payable 3,458,687 2,579,688 Salaries and social security contributions payable 1,355,704 1,118,134 Other 516,905 415,107

-MEMORANDUM ACCOUNTS - DEBIT -CONTROL - OTHER 616,372,870 304,972,028 Securities held in custody 568,458,633 258,872,060 Bills for collection 19,514,689 18,309,418 Guarantee agent activities 25,641,831 23,468,166 Other 2,757,717 4,322,384

09.30.2017 09.30.2016 (Unaudited) (Unaudited) -CONSOLIDATED INCOME STATEMENT

-FINANCIAL EXPENSES 2,932,518 2,177,895 Turnover tax 2,439,616 1,927,681 Premiums for repo transactions 134,654 59,424 Adjustment on forward transactions in ME settled in pesos 225,583 190,790 Other 132,665 -

-INCOME FROM SERVICES 9,659,221 7,385,508 Fees earned on credit cards 6,359,526 4,823,770 Fees earned on life insurance policies 622,985 715,287 Other 2,676,710 1,846,451

-EXPENSES FOR SERVICES 2,977,055 2,124,473 Turnover taxes 841,420 672,800 Linked to credit cards 969,132 731,109 Other 1,166,503 720,564

-MISCELLANEOUS INCOME 168,431 434,287 Rentals 4,086 3,650 Adjustments and interest on miscellaneous receivables 141,560 249,592 Income for lawsuits 20,802 21,302 Other 1,983 159,743

-MISCELLANEOUS LOSSES 512,575 184,006 Claims 96,888 50,903 Donations 42,839 35,501 Turnover tax 79,644 21,930 Other 293,204 75,672

NOTE 10 - CONTINGENCIES

a) Tax issues In addition to the provisions of Note 22 item a) to the individual financial statements, the Argentine Revenue Service (A.F.I.P.), Provincial Tax Bureaus, and Municipal Offices are conducting several review processes with different degrees of progress, on controlled companies. Said agencies have served notices and made claims regarding taxes against the

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS WITH CONTROLLED PARTIES (SEC. 33 OF LAW NO. 19550) FOR THE FOR THE PERIOD FROM JANUARY 1, 2016, TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS) subsidiaries of Tarjetas Regionales S.A. for which the corresponding administrative and legal measures are being undertaken. The original tax amount claimed for these issues, amounts to approximately $11,956. Based on the opinions of their tax advisors, the companies believe that the abovementioned claims are both legally and technically groundless and that taxes related to the claims have been correctly calculated in accordance with tax regulations in force and existing case law. Notwithstanding the above, the companies have created all allowances and provisions deemed suitable pursuant to each case's particular progress.

b) Consumers' Associations In addition to the statements made in Note 22 item b) to the individual financial statements, consumer associations claiming to represent consumers have filed claims against Compañía Financiera Argentina S.A. in relation to certain financial charges. The Bank deems the resolution of these issues shall not have a significant impact on its shareholders' equity.

NOTE 11 – SUBSEQUENT EVENTS

a) During September 2017 Tarjeta Naranja S.A (merging company) and Tarjetas Cuyanas S.A. (merged company), subscribed a merger plan through which Tarjeta Naranja S.A. shall absorb Tarjetas Cuyanas S.A. assets and liabilities as from October 1, 2017.

b) The Ordinary and Extraordinary Shareholder’s Meeting of Tarjeta Naranja S.A. held on October 23, 2017 decided on the change of jurisdiction and established the registered office at the Autonomous City of Buenos Aires.

NAME OF CERTIFYING AUDITOR: SANTIAGO J. MIGNONE PROFESSIONAL ASSOCIATION: PRICE WATERHOUSE & CO. S.R.L. LIMITED REVIEW REPORT WITH CONCLUSION WITHOUT QUALIFICATIONS FOR THE QUARTER ENDED 09.30.2017 (Code 008) BALANCE SHEET For the period from January 1, 2017 FIGURES STATED IN THOUSANDS OF PESOS to September 30, 2017, presented in comparative format 09.30.2017 12.31.2016 (Unaudited)

ASSETS A. CASH AND DUE FROM BANKS 35,447,545 60,418,326 - CASH 8,295,876 7,060,409 - FINANCIAL INSTITUTIONS AND CORRESPONDENTS 27,151,669 53,357,917 - ARGENTINE CENTRAL BANK 26,070,958 51,124,620 - OTHER LOCAL FINANCIAL INSTITUTIONS 79 136,355 - FOREIGN 1,080,632 2,096,942

B. GOVERNMENT AND CORPORATE SECURITIES (SCHEDULE A AND NOTE 2 ITEM 2.2.2.2) 22,030,725 12,504,569 - HOLDINGS OF GOVERNMENT SECURITIES RECORDED AT FAIR MARKET VALUE 3,463,287 3,074,883 - HOLDINGS RECORDED AT COST PLUS YIELD 3,606,055 1,922,473 - INVESTMENTS IN QUOTED CORPORATE SECURITIES 543 - - SECURITIES ISSUED BY THE ARGENTINE CENTRAL BANK (NOTE 21) 14,960,840 7,507,213

C. LOANS (SCHEDULES B, C, D, N AND NOTE 16) 139,159,038 105,343,716 - TO THE NON-FINANCIAL PUBLIC SECTOR 231 106 - TO THE FINANCIAL SECTOR 4,443,658 2,774,592 - INTERBANK LOANS (CALL LOANS GRANTED) (NOTE 21) 1,016,797 862,300 - OTHER FINANCING TO LOCAL FINANCIAL INSTITUTIONS 3,230,688 1,870,799 - ACCRUED INTEREST, ADJUSTMENTS AND QUOTATION DIFFERENCES RECEIVABLE 196,173 41,493 - TO THE NON-FINANCIAL PRIVATE SECTOR AND RESIDENTS ABROAD 137,792,560 104,756,067 - ADVANCES 8,046,944 10,177,452 - PROMISSORY NOTES 30,004,313 25,415,263 - MORTGAGE LOANS 3,919,262 2,178,236 - COLLATERALIZED LOANS 889,274 677,879 - PERSONAL LOANS 16,086,528 10,091,976 - CREDIT CARD LOANS 46,433,360 42,599,370 - OTHER (NOTE 11) 31,283,697 12,649,028 - ACCRUED INTEREST, ADJUSTMENTS AND QUOTATION DIFFERENCES RECEIVABLE 1,829,851 1,635,932 - (UNALLOCATED COLLECTIONS) (32,719) (21,860) - (DOCUMENTED INTEREST) (667,950) (647,209) - ALLOWANCES (SCHEDULE J) (3,077,411) (2,187,049) D. OTHER RECEIVABLES RESULTING FROM FINANCIAL BROKERAGE (SCHEDULES B, C, D, N, NOTE 2 ITEMS 2.2.2.4, 2.2.2.5, AND NOTE 16) 16,169,734 16,434,235 - ARGENTINE CENTRAL BANK 2,934,180 2,328,636 - AMOUNTS RECEIVABLE FOR SPOT AND FORWARD SALES TO BE SETTLED (NOTE 21) 3,959,326 734,375 - SECURITIES RECEIVABLE UNDER SPOT AND FORWARD PURCHASES TO BE SETTLED 3,912,975 7,713,469 - PREMIUMS FROM BOUGHT OPTIONS - 3,485 - OTHER RECEIVABLES NOT INCLUDED IN THE DEBTOR CLASSIFICATION REGULATIONS 1,809,901 1,738,107 - NEGOTIABLE OBLIGATIONS WITHOUT QUOTATION 1,703,975 1,962,926 - BALANCES FROM FORWARD TRANSACTIONS WITHOUT DELIVERY OF UNDERLYING ASSET TO BE SETTLED 249,118 111,287 - OTHER RECEIVABLES INCLUDED IN THE DEBTOR CLASSIFICATION REGULATIONS 1,780,957 2,023,873 - ACCRUED INTEREST AND ADJUSTMENTS RECEIVABLE INCLUDED IN THE DEBTOR CLASSIFICATION REGULATIONS 866 448 - ALLOWANCES (SCHEDULE J) (181,564) (182,371)

E. RECEIVABLES FROM FINANCIAL LEASES (SCHEDULES B, C, D, N, NOTE 2 ITEM 2.2.2.6 AND NOTE 16) 1,647,937 1,175,714 RECEIVABLES FROM FINANCIAL LEASES 1,639,285 1,169,259 - ACCRUED INTEREST AND ADJUSTMENTS RECEIVABLE 27,913 20,641 - ALLOWANCES (SCHEDULE J) (19,261) (14,186)

F. EQUITY INVESTMENTS (SCHEDULE E, N, NOTE 2 ITEM 2.2.2.7 AND NOTE 14) 6,675,493 5,742,221 - IN FINANCIAL INSTITUTIONS 1,161,179 1,186,891 - OTHER 5,731,911 4,555,330 - ALLOWANCES (SCHEDULE J) (217,597) -

G. MISCELLANEOUS RECEIVABLES 2,272,077 1,967,926 - RECEIVABLES FOR ASSETS SOLD (SCHEDULE B, C, D, AND NOTE 16) 118,382 125,650 - OTHER (NOTE 11) 2,168,316 1,845,729 - ACCRUED INTEREST ON AND ADJUSTMENTS TO RECEIVABLES FOR ASSETS SOLD (SCHEDULE B, C, D and NOTE 16) 2,157 1,626 - OTHER ACCRUED INTEREST AND ADJUSTMENTS RECEIVABLE 17,596 28,930 - ALLOWANCES (SCHEDULE J) (34,374) (34,009)

H. BANK PREMISES AND EQUIPMENT (SCHEDULE F AND NOTE 2 ITEM 2.2.2.8) 3,517,780 2,241,172

I. MISCELLANEOUS ASSETS (SCHEDULE F AND NOTE 2 ITEM 2.2.2.8 AND 2.2.2.9) 518,611 1,204,018

J. INTANGIBLE ASSETS (SCHEDULE G AND NOTE 2 ITEM 2.2.2.10) 2,709,837 2,210,404 - ORGANIZATION AND DEVELOPMENT EXPENSES 2,709,837 2,210,404

K. UNALLOCATED ITEMS 59,882 64,030 TOTAL ASSETS 230,208,659 209,306,331

LIABILITIES L. DEPOSITS (SCHEDULES H AND I) 162,332,993 150,639,152 - NON-FINANCIAL PUBLIC SECTOR 1,480,890 1,294,177 - FINANCIAL SECTOR 138,580 62,957 - NON-FINANCIAL PRIVATE SECTOR AND RESIDENTS ABROAD 160,713,523 149,282,018 - CURRENT ACCOUNTS 28,633,360 27,140,879 - SAVINGS ACCOUNTS 72,851,335 53,148,612 - TIME DEPOSITS 56,776,170 49,091,329 - INVESTMENT ACCOUNTS 54,012 442,665 - OTHER 1,238,347 18,566,227 - ACCRUED INTEREST, ADJUSTMENTS AND QUOTATION DIFFERENCES PAYABLE 1,160,299 892,306

M. OTHER LIABILITIES RESULTING FROM FINANCIAL BROKERAGE 34,250,603 32,225,241 - ARGENTINE CENTRAL BANK (SCHEDULE I) 20,312 12,727 - OTHER 20,312 12,727 - BANKS AND INTERNATIONAL ENTITIES (SCHEDULE I ) 3,592,674 2,212,995 - UNSUBORDINATED NEGOTIABLE OBLIGATIONS ( SCHEDULE I AND NOTE 8 ) 4,352,548 4,759,723 - AMOUNTS PAYABLE FOR SPOT AND FORWARD PURCHASES TO BE SETTLED 3,986,846 7,680,190 - SECURITIES TO BE DELIVERED UNDER SPOT AND FORWARD SALES TO BE SETTLED (SCHEDULE O) 4,083,716 736,819 - PREMIUMS FROM WRITTEN OPTIONS - 2,027 - FINANCING FROM LOCAL FINANCIAL INSTITUTIONS (SCHEDULE I ) 2,378,124 1,349,465 - INTERBANK LOANS (CALL MONEY LOANS RECEIVED) 196,300 165,000 - OTHER FINANCING FROM LOCAL FINANCIAL INSTITUTIONS 2,151,401 1,164,418 - ACCRUED INTEREST PAYABLE 30,423 20,047 - BALANCES FROM FORWARD TRANSACTIONS WITHOUT DELIVERY OF UNDERLYING ASSET TO BE SETTLED 208,911 131,833 - OTHER (SCHEDULE I AND NOTE 11) 15,473,828 15,244,218 - ACCRUED INTEREST, ADJUSTMENTS AND QUOTATION DIFFERENCES PAYABLE (SCHEDULE I) 153,644 95,244

N. MISCELLANEOUS LIABILITIES 4,880,979 3,167,439 - DIRECTORS' AND SYNDICS' FEES 15,987 17,234 - OTHER (NOTE 11) 4,864,992 3,150,205

O. PROVISIONS (SCHEDULE J) 262,899 260,959 P.SUBORDINATED NEGOTIABLE OBLIGATIONS (SCHEDULE I AND NOTE 8) 4,360,056 4,065,255

Q. UNALLOCATED ITEMS 53,801 42,408 TOTAL LIABILITIES 206,141,331 190,400,454

SHAREHOLDERS' EQUITY (As per related statement) 24,067,328 18,905,877 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 230,208,659 209,306,331

MEMORANDUM ACCOUNTS DEBIT 715,682,120 382,589,453

CONTINGENT 46,002,757 38,929,381 - LOANS OBTAINED (UNUSED BALANCES) 1,492,027 449,339 - GUARANTEES RECEIVED 28,667,232 25,365,703 - CONTINGENCIES DEBIT-BALANCE CONTRA ACCOUNTS 15,843,498 13,114,339

CONTROL 618,241,586 307,156,219 - UNCOLLECTIBLE LOANS 1,457,407 1,462,083 - OTHER (NOTE 11) 613,997,755 303,087,180 - CONTROL DEBIT-BALANCE CONTRA ACCOUNTS 2,786,424 2,606,956

DERIVATIVES 42,350,608 28,321,154 - "NOTIONAL" VALUE OF PUT OPTIONS BOUGHT(SCHEDULE O AND NOTE 9) - 149,512 - "NOTIONAL" VALUE OF FORWARD TRANSACTIONS WITHOUT DELIVERY OF UNDERLYING ASSET (SCHEDULE O AND NOTE 9) 19,931,738 15,220,526 - INTEREST RATE SWAPS (SCHEDULE O AND NOTE 9) 1,000 75,000 - DERIVATIVES DEBIT-BALANCE CONTRA ACCOUNTS 22,417,870 12,876,116

TRUST ACCOUNTS 9,087,169 8,182,699 - TRUST FUNDS (NOTE 7) 9,087,169 8,182,699

CREDIT 715,682,120 382,589,453

CONTINGENT 46,002,757 38,929,381 - LOANS GRANTED - UNUSED BALANCES - INCLUDED IN THE DEBTOR CLASSIFICATION REGULATIONS (SCHEDULES B,C,D, N 10,979,857 9,704,205 AND NOTE 16) - GUARANTEES GRANTED TO THE ARGENTINE CENTRAL BANK - 473,528 - OTHER GUARANTEES GRANTED INCLUDED IN THE DEBTOR CLASSIFICATION REGULATIONS (SCHEDULES B, C, D, N AND 1,985,197 1,091,135 NOTE 16) - OTHER GUARANTEES GRANTED NOT INCLUDED IN THE DEBTOR CLASSIFICATION REGULATIONS 281,343 258,282 - OTHER INCLUDED IN THE DEBTOR CLASSIFICATION REGULATIONS (SCHEDULES B,C,D, N AND NOTE 16) 1,938,862 1,236,641 - OTHER NOT INCLUDED IN THE DEBTOR CLASSIFICATION REGULATIONS 658,239 350,548 - CONTINGENCIES CREDIT-BALANCE CONTRA ACCOUNTS 30,159,259 25,815,042

CONTROL 618,241,586 307,156,219 - CHECKS AND DRAFTS TO BE CREDITED 2,724,651 2,559,608 - OTHER 61,773 47,348 - CONTROL CREDIT-BALANCE CONTRA ACCOUNTS 615,455,162 304,549,263

DERIVATIVES 42,350,608 28,321,154 - "NOTIONAL" VALUE OF CALL OPTIONS WRITTEN (SCHEDULE O AND NOTE 9) - 174,663 - "NOTIONAL" VALUE OF FORWARD TRANSACTIONS WITHOUT DELIVERY OF UNDERLYING ASSET (SCHEDULE O AND NOTE 9) 22,417,870 12,701,453 - DERIVATIVES CREDIT-BALANCE CONTRA ACCOUNTS 19,932,738 15,445,038

TRUST ACCOUNTS 9,087,169 8,182,699 - TRUST LIABILITIES CREDIT-BALANCE CONTRA ACCOUNTS 9,087,169 8,182,699

The accompanying notes and schedules are an integral part of these financial statements.

INCOME STATEMENT For the period from January 1, 2017 FIGURES STATED IN THOUSANDS OF PESOS to September 30, 2017, presented in comparative format 09.30.2017 09.30.2016 (Unaudited) (Unaudited)

A. FINANCIAL INCOME 22,816,681 20,648,352 - INTEREST ON CASH AND DUE FROM BANKS 20 - - INTEREST ON LOANS GRANTED TO THE FINANCIAL SECTOR 479,157 234,740 - INTEREST ON ADVANCES 1,947,386 2,286,415 - INTEREST ON PROMISSORY NOTES 3,977,415 4,175,955 - INTEREST ON MORTGAGE LOANS 258,400 376,717 - INTEREST ON PLEDGE LOANS 83,030 66,123 - INTEREST ON CREDIT CARD LOANS 6,396,666 5,711,024 - INTEREST ON FINANCIAL LEASES 218,580 220,191 - INTEREST ON OTHER LOANS 3,456,595 2,080,928 - NET INCOME FROM GOVERNMENT AND CORPORATE SECURITIES 3,345,317 4,172,819 - INTEREST ON OTHER RECEIVABLES RESULTING FROM FINANCIAL BROKERAGE 28,704 21,266 - NET INCOME FROM SECURED LOANS-DECREE No. 1387/01 1,681 - - CER ADJUSTMENT 107,484 256 - OTHER 1,079,625 448,917 - QUOTATION DIFFERENCES ON GOLD AND FOREIGN CURRENCY 1,436,621 853,001

B. FINANCIAL EXPENSES 11,701,772 13,311,138 - INTEREST ON CURRENT ACCOUNT DEPOSITS 646 - - INTEREST ON SAVINGS ACCOUNT DEPOSITS 2,497 1,721 - INTEREST ON TIME DEPOSITS 7,491,408 10,306,384 - INTEREST ON SUBORDINATED OBLIGATIONS 256,313 451,326 - OTHER INTEREST 355,210 42,970 - INTEREST ON INTERBANK LOANS RECEIVED (CALL MONEY LOANS) 20,324 21,835 - INTEREST ON OTHER FINANCING FROM FINANCIAL INSTITUTIONS 280,950 71,412 - NET LOSS FROM OPTIONS 1,458 23,505 - INTEREST ON OTHER LIABILITIES RESULTING FROM FINANCIAL BROKERAGE 731,363 350,961 - CONTRIBUTIONS TO THE DEPOSIT INSURANCE FUND (NOTE 6) 201,954 260,559 - CER ADJUSTMENT 29,844 3,260 - OTHER 2,329,805 1,777,205

GROSS FINANCIAL MARGIN 11,114,909 7,337,214

C. LOAN LOSS PROVISIONS 1,791,102 923,852

D. INCOME FROM SERVICES 9,525,131 7,144,695 - IN RELATION TO LENDING TRANSACTIONS 866,705 544,259 - IN RELATION TO BORROWING TRANSACTIONS 2,515,393 1,788,943 - OTHER COMMISSIONS 718,114 467,072 - OTHER (NOTE 11) 5,424,919 4,344,421

E. EXPENSES FOR SERVICES 3,754,067 2,892,185 - COMMISSIONS 1,424,299 1,307,887 - OTHER (NOTE 11) 2,329,768 1,584,298

G. ADMINISTRATIVE EXPENSES 9,812,752 7,245,733 - PERSONNEL EXPENSES 5,622,149 4,118,818 - DIRECTORS' AND SYNDICS' FEES 15,983 15,507 - OTHER FEES 118,907 98,886

INCOME STATEMENT For the period from January 1, 2017 FIGURES STATED IN THOUSANDS OF PESOS to September 30, 2017, presented in comparative format 09.30.2017 09.30.2016 (Unaudited) (Unaudited) - ADVERTISING AND PUBLICITY 299,845 268,173 - TAXES 877,367 625,346 - DEPRECIATION OF PREMISES AND EQUIPMENT (SCHEDULE F) 249,622 148,339 - AMORTIZATION OF ORGANIZATION EXPENSES (SCHEDULE G) 363,561 461,667 - OTHER OPERATING EXPENSES 1,303,061 886,880 - OTHER 962,257 622,117

NET INCOME / (LOSS) FROM FINANCIAL BROKERAGE 5,282,119 3,420,139

I. MISCELLANEOUS INCOME 2,324,131 1,645,116 - INCOME FROM EQUITY INVESTMENTS 1,826,393 1,202,477 - DEFAULT INTERESTS 137,779 102,620 - LOANS RECOVERED AND ALLOWANCES REVERSED 98,635 82,773 - OTHER 258,150 257,246 - CER ADJUSTMENT 3,174 -

J. MISCELLANEOUS LOSSES 522,799 227,548 - DEFAULT INTEREST AND CHARGES IN FAVOR OF THE ARGENTINE CENTRAL BANK 594 3,199 - LOAN LOSS PROVISIONS FOR MISCELLANEOUS RECEIVABLES AND OTHER PROVISIONS 71,522 80,222 - OTHER (NOTE 11) 435,331 135,607 - DEPRECIATION OF AND LOSSES ON MISCELLANEOUS ASSETS 1,264 966 - AMORTIZATION OF DIFFERENCES ARISING FROM COURT RESOLUTIONS (SCHEDULE G) 14,088 7,554

NET INCOME / (LOSS) BEFORE INCOME TAX 7,083,451 4,837,707

L. INCOME TAX (NOTE 2 ITEM 2.2.2.13) 1,922,000 1,296,000 NET INCOME / (LOSS) FOR THE PERIOD 5,161,451 3,541,707

The accompanying notes and schedules are an integral part of these financial statements.

STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY For the period from January 1, 2017 to September 30, 2017, presented in comparative format FIGURES STATED IN THOUSANDS OF PESOS Non-capit. Profit Reserves contributions Capital Unreal- Stock Adjustments ized (Note 13 value- Retained 09.30.2017 09.30.2016 CHANGES Share Irrev. to Special and Cont. for shareholders' Debt tion earnings (Unaudited) (Unaudited) Issuance equity Legal Other Schedule Fut. Cap. Securi- differ- K) Premiums Incr. ties rences

1.Restated opening balances 562,327 372,293 - 605,306 2,646,303 - 9,625,943 - 5,093,705 18,905,877 13,812,172

2.Subtotal 562,327 372,293 - 605,306 2,646,303 - 9,625,943 - 5,093,705 18,905,877 13,812,172

3.Distribution of retained earnings approved by the shareholders meeting held on 04.27.2017:

- Legal Reserve - - - - 1,018,741 - - - (1,018,741) - -

- Discretionary reserve for future ------4,074,964 - (4,074,964) - - distribution of profits

4.Net income / (loss) for the ------5,161,451 5,161,451 3,541,707 period

5.Balances at period end 562,327 372,293 - 605,306 3,665,044 - 13,700,907 - 5,161,451 24,067,328 17,353,879

The accompanying notes and schedules are an integral part of these financial statements.

STATEMENT OF CASH FLOWS For the period from January 1, 2017 to September 30, 2017, presented in comparative format. FIGURES STATED IN THOUSANDS OF PESOS 09.30.2017 09.30.2016 (Unaudited) (Unaudited)

CHANGES IN CASH AND CASH EQUIVALENTS (Note 21) Cash at Beginning of Fiscal Year 68,978,207 40,917,629

Cash at Period End 54,552,120 44,077,990

Net (Decrease) / Increase in Cash (in Constant Currency) (14,426,087) 3,160,361

CAUSES OF CHANGES IN CASH (IN CONSTANT CURRENCY)

Operating Activities

Net Collections / (Payments) Related to: - Government and Corporate Securities 783,056 1,363,710

- Loans - To the Financial Sector (1,438,525) (308,996)

- To the Non-Financial Public Sector 1,556 215

- To the Non-Financial Private Sector and Residents Abroad (10,031,578) 2,450,866

- Other Receivables Resulting from Financial Brokerage 242,076 853,220

- Receivables from financial leases (258,718) 348,981

- Deposits - To the Financial Sector 75,623 46,068

- To the Non-Financial Public Sector 186,713 490,667

- To the Non-Financial Private Sector and Residents Abroad (816,532) 3,529,629

- Other Liabilities Resulting from Financial Brokerage

- Financing from the Financial Sector - Interbank Loans (Call Money Loans Received) 10,976 (113,935)

- Others (Except those Liabilities Included in Financial Activities) (99,496) (2,437,194)

Collections Related to Income from Services 9,525,131 7,144,695

Payments Related to Expenses for Services (3,642,454) (2,855,056)

Administrative Expenses Paid (9,188,206) (6,611,398)

Payment Related to Organization and Development Expenses (861,892) (733,259)

Net Collections / (Payments) Related to Default Interest 137,185 99,421

Differences Deriving from Court Resolutions Paid (14,088) (7,554)

Collection Related to Dividends from Other Companies 780,008 694,185

Other Collections / (Payments) Related to Miscellaneous Profits and Losses (144,945) (37,459) Net Collections / (Payments) Related to Other Operating Activities - To Other Receivables and Miscellaneous Liabilities (1,299,521) (1,474,620)

- To Other Net Operating Activities 431,165 (82,304)

STATEMENT OF CASH FLOWS For the period from January 1, 2017 to September 30, 2017, presented in comparative format. FIGURES STATED IN THOUSANDS OF PESOS 09.30.2017 09.30.2016 (Unaudited) (Unaudited) Payment of the Income Tax / Minimum Presumed Income Tax (1,337,877) (1,285,130)

Net Cash Flow (Used in) / provided by Operating Activities (16,960,343) 1,074,752

Investment Activities Net Collections/ (Payments) Related to Bank Premises and Equipment (437,249) (528,993)

Net Collections/ (Payments) Related to Miscellaneous Assets (383,761) (383,423)

Payments of Equity Investments Acquired (1,813) -

Collections of Equity Investments Sold 113,794 -

Other Collections/ (Payments) for Investment Activities - 35,101

- Other - 35,101

Net Cash Flow (Used in) Investment Activities (709,029) (877,315)

Financing Activities

Net Collections / (Payments) Related to: - Unsubordinated Negotiable Obligations (779,597) (178,282)

-Argentine Central Bank - Other 7,585 3,744

- Banks and International Entities 1,110,460 384,082

- Subordinated Obligations (342,049) (386,591)

- Loans from Local Financial Institutions 716,409 312,832

Net Cash Flow generated by financing activities 712,808 135,785

Financial Income on Cash and Cash Equivalents (Including Interest and the Monetary Loss) 2,530,477 2,827,139

Net (decrease) / Increase in cash for the period (14,426,087) 3,160,361

The accompanying notes and schedules are an integral part of these financial statements.

SCHEDULE A – GOVERNMENT AND CORPORATE SECURITIES For the period from January 1, 2017 to September 30, 2017, presented in comparative format FIGURES STATED IN THOUSANDS OF PESOS

MARKET CAJA DE FINAL VALUE OR 09.30.2017 OPTI VALORES 12.31.2016 WITHOUT FINAL POS. NAME CURRENT (Unaudited) ONS CODE OPTIONS VALUE

GOVERNMENT SECURITIES

- Holdings of Government Securities recorded at fair market value - 3,463,287 3,074,883 2,806,753 - 2,806,753

- Argentine - 3,463,287 3,074,883 2,806,753 - 2,806,753

- In Pesos - 1,619,256 1,948,087 1,363,715 - 1,363,715 - Discount Bonds due in 2033 45696 - 104,505 874,710 - - - - Peso-denominated Argentine Bonds Badlar Privada + 300 bp due in 2017 5467 - 191,864 10,549 191,864 - 191,864 - Peso-denominated Argentine Bonds Badlar Privada + 250 bp due in 2019 5454 - 5,507 36,387 4,481 - 4,481 - Consolidation Bonds 8th Series due on 10-04-22 2571 - 12,315 2,583 12,315 - 12,315 - National Treasury Bonds due on 06-21-20 5327 - 69,053 - 28,926 - 28,926 - Peso-denominated Argentine Bonds Badlar Privada + 275 bp due in 2018 5475 - 93,173 10,898 63,983 - 63,983 - Debt securities province of Buenos Aires due on 03-29-24 32879 - 231,123 - 231,122 - 231,122 - National Treasury Bonds due on 05-09-17 5477 - - 123,641 - - - - Debt securities province of Buenos Aires due on 05-31-22 32911 - 800,719 - 801,936 - 801,936 - CER-adjusted National Treasury Bonds due in 07-22-21 5315 - 48,309 640,749 3,792 - 3,792 - National Treasury Bonds due on 10-17-23 5319 - - 57,710 - - - - National Treasury Bonds due on 03-05-18 5316 - - 54,977 - - - - National Treasury Bonds due on 09-19-18 5317 - - 52,755 - - - - Other - - 62,688 83,128 25,296 - 25,296

- In foreign currency - 1,844,031 1,126,796 1,443,038 - 1,443,038 - International Argentine bonds in US dollars 6.875% 92582 - 101,123 - 62,304 - 62,304 - Treasury Bills in US Dollars due on 07-13-18 5233 - 452,030 - 452,032 - 452,032 - US dollar-denominated Argentine Bonds due on 06-28-2117 92610 - 18,779 - 7,487 - 7,487 - US dollar-denominated Argentine Bonds due on 10-08-20 5468 - 362,160 3,419 92,645 - 92,645 - US Treasury Bills due on 03-16-18 5235 - 463,350 - 446,230 - 446,230 - US dollar-denominated Argentine Bonds due on 04-18-25 5481 - 1,879 - 1,879 - 1,879 - International Argentine Bonds due on 01-26-27 92585 - 111,114 - 111,114 - 111,114 - International Argentine Bonds due on 01-26-22 92583 - 47,326 - 28,925 - 28,925 - US dollar-denominated Argentine Bonds 7.625% 92580 - 16,767 - 36,492 - 36,492 - Treasury Bills in US Dollars due on 11-10-17 5219 - 3,764 - 3,764 - 3,764 - US dollar-linked Argentine Bonds due on 02-22-17 5464 - - 32,760 - - - - US dollar-denominated Argentine Bonds 8.28% 45700 - - 11,772 - - - - US dollar-denominated Argentine Bonds 9% 5451 - - 74,540 - - - - US dollar-denominated Argentine Bonds 7% 5436 - - 845,300 - - - - US dollar-denominated Argentine Bonds 7.50% 91660 - - 16,433 - - - - Treasury Bills in US Dollars due on 12-15-17 5208 - 7 - 7 - 7 - US dollar-denominated Argentine Bonds due on 05-07-24 5458 - 67,441 87,791 27,137 - 27,137 - Discount Bonds NY Law due in 2033 40791 - 17,265 - 17,088 - 17,088 - US dollar-linked Argentine Bonds 2.40% 5462 - 89,043 34,024 89,043 - 89,043 - US dollar-denominated Argentine Bonds due on 04-18-37 5482 - 25,860 - 25,860 - 25,860 - Other - - 66,123 20,757 41,031 - 41,031

- Government securities recorded at cost plus yield - 3,606,055 1,922,473 3,562,183 - 3,562,183

SCHEDULE A – GOVERNMENT AND CORPORATE SECURITIES For the period from January 1, 2017 to September 30, 2017, presented in comparative format FIGURES STATED IN THOUSANDS OF PESOS

MARKET CAJA DE FINAL VALUE OR 09.30.2017 OPTI VALORES 12.31.2016 WITHOUT FINAL POS. NAME CURRENT (Unaudited) ONS CODE OPTIONS VALUE

- Argentine - 3,606,055 1,922,473 3,562,183 - 3,562,183

- In Pesos - 2,144,235 1,772,212 2,149,058 - 2,149,058 - Debt security province of Buenos Aires Series 2 due on 12-28-18 32847 125,940 120,515 100,189 125,940 - 125,940 - Debt security province of Buenos Aires Series 1 Class 2 due on 12-06-19 32831 291,888 294,942 559,096 291,888 - 291,888 - Debt security province of Buenos Aires Series 1 Class 1 due on 06-06-18 32830 104,256 101,110 101,556 104,256 - 104,256 - Treasury Bills Province of Neuquén Class 1 Series 3 due on 11-23-17 32610 97,642 97,759 289,507 97,642 - 97,642 - Treasury Bills Province of Salta Series 7 due on 12-27-17 32942 51,416 51,334 - 51,416 - 51,416 - Treasury Bills Province of Neuquén Class 1 Series 2 due on 02-23-21 32859 296,038 296,658 - 296,038 - 296,038 - Treasury Bills Province of Neuquén Class 1 Series 1 due on 09-09-20 32777 166,206 167,424 105,107 166,206 - 166,206 - Treasury Bills Province of Salta Series 6 due on 10-12-17 32933 52,460 52,288 - 52,460 - 52,460 - Bills Province of Buenos Aires due on 10-19-17 32938 98,450 98,660 - 98,450 - 98,450 - Debt Settlement Bonds Bs. As. due on 02-05-18 32665 49,256 47,612 84,882 49,256 - 49,256 - Treasury Bills Province of Neuquén Class 1 Series 1 due on 03-25-17 32480 - - 38,037 - - - - Treasury Bill Province of Santa Fe Series 4 Class B due on 02-24-17 32750 - - 29,916 - - - - Debt security province of Buenos Aires Series 3 due on 01-31-17 32556 - - 46,871 - - - - Treasury Bills Province of Neuquén Class 1 Series 2 due on 07-03-17 32542 - - 161,685 - - - - Bills Entre Ríos Class C Series 9 due on 08-24-17 32822 - - 30,747 - - - - Treasury Bills Province of Buenos Aires due on 11-22-17 32954 192,799 192,490 - 192,799 - 192,799 - Treasury Bills Province of Neuquén Class 2 Series 2 due on 06-06-18 32829 387,536 389,858 142,504 387,536 - 387,536 - Debt security province of Río Negro due on 07-06-20 32922 142,107 142,324 - 142,107 - 142,107 - Other - 93,064 91,261 82,115 93,064 - 93,064

- In foreign currency - 1,461,820 150,261 1,413,125 - 1,413,125 - Treasury Bills in US Dollars due on 01-16-17 5187 - - 97,003 - - - - Treasury Bills in US Dollars due on 09-28-18 5237 1,052,708 1,052,757 - 985,512 - 985,512 - Treasury Bills in US Dollars due on 03-06-17 5197 - - 1,819 - - - - Treasury Bills in US Dollars due on 07-03-17 5188 - - 11,723 - - - - Treasury Bills in US Dollars due on 02-20-17 5184 - - 32,727 - - - - Treasury Bills in US Dollars due on 05-11-18 5239 377,376 377,177 - 377,376 - 377,376 - Other - 32,121 31,886 6,989 50,237 - 50,237

- Securities issued by the Argentine Central Bank - 14,960,840 7,507,213 16,466,242 - 16,466,242

- Argentine Central Bank Bills recorded at fair market value - 12,564,271 716,098 16,380,491 - 16,380,491 - Argentine Central Bank Bills due on 03-15-17 46800 - - 499,885 - - - - Argentine Central Bank Bills due on 01-18-17 46761 - - 197,759 - - - - Argentine Central Bank Bills due on 12-20-17 46820 - 1,302,198 - 1,418,682 - 1,418,682 - Argentine Central Bank Bills due on 03-21-18 46823 - 346,017 - 346,017 - 346,017 - Argentine Central Bank Bills due on 11-15-17 46819 - 3,167,729 - 4,112,846 - 4,112,846 - Argentine Central Bank Bills due on 01-17-18 46821 - 675,221 - 1,139,025 - 1,139,025 - Argentine Central Bank Bills due on 10-18-17 46818 - 6,580,539 - 8,871,354 - 8,871,354 - Other - - 492,567 18,454 492,567 - 492,567

- Argentine Central Bank Bills - For Repo Transactions - 2,270,722 - - - - - Argentine Central Bank Bills due on 12-20-17 46820 - 47,254 - - - -

SCHEDULE A – GOVERNMENT AND CORPORATE SECURITIES For the period from January 1, 2017 to September 30, 2017, presented in comparative format FIGURES STATED IN THOUSANDS OF PESOS

MARKET CAJA DE FINAL VALUE OR 09.30.2017 OPTI VALORES 12.31.2016 WITHOUT FINAL POS. NAME CURRENT (Unaudited) ONS CODE OPTIONS VALUE

- Argentine Central Bank Bills due on 05-16-18 46825 - 2,223,468 - - - -

- Argentine Central Bank Bills recorded at cost plus yield - 125,847 6,791,115 85,751 - 85,751

- In Pesos - 125,847 6,791,115 85,751 - 85,751 - Argentine Central Bank Bills due on 06-21-18 46827 125,799 125,847 - 85,751 - 85,751 - Argentine Central Bank Bills due on 01-18-17 46796 - - 1,162,789 - - - - Argentine Central Bank Bills due on 04-19-17 46806 - - 85,724 - - - - Argentine Central Bank Bills due on 02-22-17 46791 - - 375,845 - - - - Argentine Central Bank Bills due on 02-01-17 46773 - - 135,363 - - - - Argentine Central Bank Bills due on 07-19-17 46814 - - 504,161 - - - - Argentine Central Bank Bills due on 02-08-17 46780 - - 91,877 - - - - Argentine Central Bank Bills due on 03-08-17 46797 - - 92,365 - - - - Argentine Central Bank Bills due on 02-15-17 46786 - - 312,346 - - - - Argentine Central Bank Bills due on 03-22-17 46802 - - 246,271 - - - - Argentine Central Bank Bills due on 01-25-17 46799 - - 550,847 - - - - Argentine Central Bank Bills due on 05-17-17 46810 - - 198,698 - - - - Argentine Central Bank Bills due on 01-04-17 46790 - - 1,808,300 - - - - Argentine Central Bank Bills due on 01-04-17 46759 - - 113,519 - - - - Argentine Central Bank Bills due on 01-11-17 46793 - - 783,439 - - - - Other - - - 329,571 - - -

TOTAL GOVERNMENT SECURITIES - 22,030,182 12,504,569 22,835,178 - 22,835,178

- Debt securities - 543 - 543 - 543

- Argentine - 543 - 543 - 543

- In foreign currency - 543 - 543 - 543 -ON YPF - Class XXVIII due on 04-04-24 90154 - 543 - 543 - 543

TOTAL CORPORATE SECURITIES WITH QUOTATION - 543 - 543 - 543 TOTAL GOVERNMENT AND CORPORATE SECURITIES (Note 2 item - 22,030,725 12,504,569 22,835,721 - 22,835,721 2.2.2.2)

SCHEDULE B – CLASSIFICATION OF TOTAL CREDIT ACCORDING TO STATUS AND COLLATERAL RECEIVED For the period from January 1, 2017 to September 30, 2017, presented in comparative format FIGURES STATED IN THOUSANDS OF PESOS 09.30.2017 12.31.2016 (Unaudited) COMMERCIAL PORTFOLIO Normal 78,744,070 58,572,211 With "A" Preferred Collateral and Counter-guarantees 110,215 117,608 With "B" Preferred Collateral and Counter-guarantees 4,783,251 2,787,547 Without Preferred Collateral or Counter-guarantees 73,850,604 55,667,056 With special follow-up - Under observation 65,505 116,537 With "A" Preferred Collateral and Counter-guarantees 7,659 - With "B" Preferred Collateral and Counter-guarantees 4,471 50,931 Without Preferred Collateral or Counter-guarantees 53,375 65,606 With problems 80,068 75,354 With "B" Preferred Collateral and Counter-guarantees 51,357 39,697 Without Preferred Collateral or Counter-guarantees 28,711 35,657 High risk of insolvency 118,486 91,686 With "A" Preferred Collateral and Counter-guarantees - 395 With "B" Preferred Collateral and Counter-guarantees 22,682 29,696 Without Preferred Collateral or Counter-guarantees 95,804 61,595 Uncollectible 319 16,980 With "B" Preferred Collateral and Counter-guarantees - 249 Without Preferred Collateral or Counter-guarantees 319 16,731 Total commercial portfolio 79,008,448 58,872,768 CONSUMER AND HOUSING PORTFOLIO Normal Situation 79,744,768 63,551,360 With "A" Preferred Collateral and Counter-guarantees 18,435 19,119 With "B" Preferred Collateral and Counter-guarantees 3,578,893 1,318,337 Without Preferred Collateral or Counter-guarantees 76,147,440 62,213,904 Low risk 1,289,116 970,001 With "A" Preferred Collateral and Counter-guarantees 1,567 13 With "B" Preferred Collateral and Counter-guarantees 7,647 17,169 Without Preferred Collateral or Counter-guarantees 1,279,902 952,819 Medium risk 908,842 619,715 With "A" Preferred Collateral and Counter-guarantees 392 - With "B" Preferred Collateral and Counter-guarantees 10,943 12,195 Without Preferred Collateral or Counter-guarantees 897,507 607,520 High risk 1,044,995 697,513 With "A" Preferred Collateral and Counter-guarantees 303 - With "B" Preferred Collateral and Counter-guarantees 2,730 10,085 Without Preferred Collateral or Counter-guarantees 1,041,962 687,428 Uncollectible 415,997 154,456 With "A" Preferred Collateral and Counter-guarantees 91 272 With "B" Preferred Collateral and Counter-guarantees 31,098 5,020 Without Preferred Collateral or Counter-guarantees 384,808 149,164 Uncollectible due to technical reasons 1,734 1,356 Without Preferred Collateral or Counter-guarantees 1,734 1,356 Total consumer and housing portfolio 83,405,452 65,994,401 General Total (Note 16) 162,413,900 124,867,169

SCHEDULE C – CONCENTRATION OF CREDIT For the period from January 1, 2017 to September 30, 2017, presented in comparative format FIGURES STATED IN THOUSANDS OF PESOS

T O T A L C R E D I T S

09.30.2017 12.31.2016 N U M B E R O F C U S T O M E R S (Unaudited) % OF TOTAL % OF TOTAL DEBT BALANCE AMOUNT PORTFOLIO PORTFOLIO

10 LARGEST CUSTOMERS 14,667,956 9 9,865,227 8

50 FOLLOWING LARGEST CUSTOMERS 23,829,431 15 15,191,418 12

100 FOLLOWING LARGEST CUSTOMERS 11,569,735 7 8,527,894 7

REST OF CUSTOMERS 112,346,778 69 91,282,630 73

T O T A L (Note 16) 162,413,900 100 124,867,169 100

SCHEDULE D – BREAKDOWN OF TOTAL CREDIT ACCORDING TO For the period from January 1, 2017 MATURITY DATE FIGURES STATED IN THOUSANDS OF PESOS to September 30, 2017 REMAINING TERM TO MATURITY PAST DUE D E S C R I P T I O N MORE PORTFOLIO 12 24 1 MONTH 3 MONTHS 6 MONTHS THAN 24 T O T A L MONTHS MONTHS MONTHS

Non-Financial Public Sector - 397 - - - - - 397

Financial Sector - 1,942,445 527,318 426,968 598,457 960,309 1,789,538 6,245,035

Non-financial private sector and residents 2,328,294 82,607,311 16,493,324 10,259,519 13,354,044 10,891,828 20,234,148 156,168,468 abroad

T O T A L (Note 16) 2,328,294 84,550,153 17,020,642 10,686,487 13,952,501 11,852,137 22,023,686 162,413,900

SCHEDULE E – BREAKDOWN OF EQUITY INVESTMENTS For the period from January 1, 2017 to September 30, 2017, presented in comparative format FIGURES STATED IN THOUSANDS OF PESOS Shares / units held Information on the issuing companies Data of latest publ. fin. statements Face Balances as of Net Votes Balances as of Principal Number 09.30.2017 Fiscal income / NAME value 12.31.2016 Share Class per (Unaudited) line of year/Per. (loss) for per Goods holders’ share business Closing the fiscal unit equity date year / period In financial institutions, complementary and authorized activities (Note 2 item 2.2.2.7.a) - Argentine - - - 6,754,292 5,573,347 - - - - Ord. Galicia Valores S.A. 1 1 990,000 138,396 80,254 ALyC-prop. 9/30/2017 2,448 139,794 57,058 B.E. Tarjetas del Mar S.A. - - - - 71,160 Cred. Card - - - - Tarjetas Regionales S.A. Ord. "A" 1 5 290,460,177 ------Tarjetas Regionales S.A. Ord.”B” 1 1 539,426,035 5,453,716 4,235,095 Fin. Op. 9/30/2017 1,077,774 7,679,757 1,985,895

Compañía Financiera Argentina S.A. Ord. 1 1 540,835,625 1,152,593 1,179,033 Fin. Brok 9/30/2017 557,563 1,188,242 222,742

Cobranzas y Servicios S.A. Ord. 1 1 451,942 8,540 7,002 Services 9/30/2017 476 9,756 1,103 Data Procesadora Regional S.A. Ord. 1 1 813,178 1,047 803 9/30/2017 16,264 20,569 5,604 processing Subtotal - - - 6,754,292 5,573,347 - - - -

- Argentine - - - 8,671 8,663 - - - - Mercado Abierto Electrónico S.A. Ord. 1,200 1 3 23 23 Sec. MKT. 6/30/2017 596 361,496 131,063 Ord. Prisma Medios de Pago S.A. Non 1 1 2,380,502 7,836 7,836 Services 6/30/2017 15,000 1,184,220 855,534 End. Ord. Interbanking S.A. Non 1 1 149,556 285 285 E.F.T. 12/31/2016 1,346 610,529 515,304 End. Ord. Compensadora Electrónica S.A. Non 1 1 105,408 407 407 Clearing 12/31/2016 1,564 35,341 19,615 End. Trust Seguro de Depósitos S.A. 1 1 118,750 120 112 Trust Adm 12/31/2016 2,197 46,845 5,098 Part. -Foreign - - - 8,586 7,858 - - - - Banco Latinoamericano de Ord.B 1 1 37,862 8,586 7,858 Fin. Brok 12/31/2016 4,848,778 17,514,239 1,643,940 Exportaciones S.A. Subtotal - - - 17,257 16,521 - - - - Total financial institutions and complementary and authorized - - - 6,771,549 5,589,868 - - - - activities

In other companies (Note 2 item 2.2.2.7.b) - Argentine - - - 121,329 152,179 - - - - Ord. Galicia Warrants S.A. 1 1 125,000 9,276 8,349 MKT.Dep. 9/30/2017 1,243 66,797 26,747 B.E. Ord. Electrigal S.A. Non 1 1 2,396,875 5,455 5,455 Services 12/31/2016 37,814 166,320 29,307 End. Argencontrol S.A. Ord. "A" 1 1 40,362 89 89 Agent 12/31/2016 1,540 4,379 1,112 Aguas Cordobesas S.A. - - - - 8,911 Services - - - - Ord. Net Investment S.A. (in liquidation) 1 1 1,500 35 32 Investment 9/30/2017 26 282 23 B.E. Ord. Sudamericana Holding S.A. Non 1 1 23,206 101,526 124,395 Investment 9/30/2017 186 846,225 108,232 End.

SCHEDULE E – BREAKDOWN OF EQUITY INVESTMENTS For the period from January 1, 2017 to September 30, 2017, presented in comparative format FIGURES STATED IN THOUSANDS OF PESOS Shares / units held Information on the issuing companies Data of latest publ. fin. statements Face Balances as of Net Votes Balances as of Principal Number 09.30.2017 Fiscal income / NAME value 12.31.2016 Share Class per (Unaudited) line of year/Per. (loss) for per Goods holders’ share business Closing the fiscal unit equity date year / period Empresa de Transporte de Energía Eléctrica por Distribución Troncal de Ord. "C" 1 1 2,264,463 3,955 3,955 Tr.In.Elect. 12/31/2016 73,952 327,166 57,691 Cuyo S.A. (Distrocuyo S.A.) Pref. Constructio Garbin S.A. 1 1 993,470 993 993 9/30/2016 30,778 66,762 3,713 B.E. n -Foreign - - - 212 174 - - - - S.W.I.F.T. S.C. Shares 1 1 19 212 174 Communic. 12/31/2016 281,984 8,490,433 500,331

Subtotal - - - 121,541 152,353 - - - -

Total in other companies - - - 121,541 152,353 - - - -

Total equity investments - - - 6,893,090 5,742,221 - - - -

SCHEDULE F – BANK PREMISES AND EQUIPMENT AND MISCELLANEOUS ASSETS For the period from January 1, 2017 to September 30, 2017, presented in comparative format FIGURES STATED IN THOUSANDS OF PESOS Residual Losses due Residual Residual value at to impair- value as of D E S C R I P T I O N Additions Transfers Withdrawals Deprec. for the period value as of beginning of ment of 09.30.2017 12.31.2016 fiscal year value (Unaudited)

Assigned useful life Amount (years)

BANK PREMISES AND EQUIPMENT (Note 2 Item 2.2.2.8) - Real estate 1,251,990 11,309 980,558 3,860 - 50 43,349 2,196,648 1,251,990 - Furniture and fittings 150,869 45,071 3,932 771 - 10 22,868 176,233 150,869 - Machinery and equipment 811,517 401,543 77,530 159 - 5 177,973 1,112,458 811,517 - Vehicles 16,501 5,788 4,782 3,059 - 5 4,079 19,933 16,501 - Miscellaneous 10,295 3,566 - - - 5 1,353 12,508 10,295 Total 2,241,172 467,277 1,066,802 7,849 - - 249,622 3,517,780 2,241,172 MISCELLANEOUS ASSETS (Note 2 Item 2.2.2.8) - Construction in progress 938,244 258,253 (1,014,209) - - - - 182,288 938,244 - Advances for purchase of assets 84,029 30,625 (21,233) - - - - 93,421 84,029 - Works of art 1,665 ------1,665 1,665 - Assets acquired through foreclosures 2,259 - 14,000 8 - - 166 16,085 2,259 - Stationery and office supplies 58,706 99,836 - 64,556 - - - 93,986 58,706 - Other miscellaneous assets (Note 2 Item 119,115 64,446 (46,462) 5,029 - - 904 131,166 119,115 2.2.2.9) Total 1,204,018 453,160 (1,067,904) 69,593 - - 1,070 518,611 1,204,018

SCHEDULE G – INTANGIBLE ASSETS For the period from January 1, 2017 to September 30, 2017, presented in comparative format FIGURES STATED IN THOUSANDS OF PESOS

Amort. for the period Residual Residual Residual value at value as of D E S C R I P T I O N Additions Transfers Withdrawals Assigned value as of beginning of 09.30.2017 useful life Amount 12.31.2016 fiscal year (years) (Unaudited)

ORGANIZATION AND DEVELOPMENT EXPENSES (Note 2 2,210,404 876,777 1,102 797 5 377,649 2,709,837 2,210,404 Item 2.2.2.10)

TOTAL 2,210,404 876,777 1,102 797 - 377,649 2,709,837 2,210,404

SCHEDULE H – CONCENTRATION OF DEPOSITS For the period from January 1, 2017 to September 30, 2017, presented in comparative format FIGURES STATED IN THOUSANDS OF PESOS

PERIOD / FISCAL YEAR 09.30.2017 12.31.2016 (Unaudited) N U M B E R O F C U S T O M E R S % OF TOTAL % OF TOTAL DEBT BALANCE DEBT BALANCE PORTFOLIO PORTFOLIO

10 LARGEST CUSTOMERS 7,944,201 5 8,236,340 6

50 FOLLOWING LARGEST CUSTOMERS 8,051,004 5 6,578,681 4

100 FOLLOWING LARGEST CUSTOMERS 5,868,168 4 2,954,354 2

REST OF CUSTOMERS 140,469,620 86 132,869,777 88

T O T A L 162,332,993 100 150,639,152 100

SCHEDULE I – BREAKDOWN OF DEPOSITS, OTHER LIABILITIES RESULTING FROM FINANCIAL BROKERAGE For the period from January 1, 2017 AND SUBORDINATED NEGOTIABLE OBLIGATIONS ACCORDING TO THEIR MATURITY DATES FIGURES STATED IN THOUSANDS OF PESOS to September 30, 2017 REMAINING TERM TO MATURITY D E S C R I P T I O N MORE THAN T O T A L 1 MONTH 3 MONTHS 6 MONTHS 12 MONTHS 24 MONTHS 24 MONTHS (1)

Deposits 146,159,715 11,500,931 3,750,201 740,214 179,365 2,567 162,332,993

Other Liabilities Resulting from Financial Brokerage

Argentine Central Bank 20,312 - - - - - 20,312

Banks and International Entities 530,559 1,504,312 482,762 313,504 256,723 529,796 3,617,656

Unsubordinated Negotiable Obligations - 127,084 - - - 4,352,548 4,479,632

Loans from Domestic Financial Institutions 213,760 73,732 107,228 283,791 537,224 1,162,389 2,378,124

Other 15,307,091 3,399 7,649 15,370 38,418 103,479 15,475,406

Total 16,071,722 1,708,527 597,639 612,665 832,365 6,148,212 25,971,130

Subordinated Negotiable Obligations - - 71,438 - - 4,288,618 4,360,056

TOTAL 162,231,437 13,209,458 4,419,278 1,352,879 1,011,730 10,439,397 192,664,179

(1) Includes: Current Accounts 29,296,653 Savings Accounts 73,000,724 Time Deposits 42,579,308 Other Deposits 1,283,030

SCHEDULE J – CHANGE IN ALLOWANCES AND PROVISIONS For the period from January 1, 2017 to September 30, 2017, presented in comparative format FIGURES STATED IN THOUSANDS OF PESOS

Monetary Balances at Increases in Decreases in constant currency Balance as of income (loss) Balance as of BREAKDOWN beginning of fiscal constant 09.30.2017 resulting from 12.31.2016 year, restated currency (Unaudited) Reversals Charge Offs allowances ALLOWANCES

- Loans - For uncollectibility risk 2,187,049 1,633,481 - 743,119 - 3,077,411 2,187,049

- Other Receivables resulting from Financ. Brok. - For uncollectibility risk and 182,371 14,774 14,723 858 - 181,564 182,371 impairment of value risk - Receivables for financial leases - For 14,186 5,075 - - - 19,261 14,186 uncollectibility risk

- Equity investments - For impairment of - 217,597 - - - 217,597 - value risk

- Miscellaneous receivables - For 34,009 862 485 12 - 34,374 34,009 uncollectibility risk T O T A L 2,417,615 1,871,789 15,208 743,989 - 3,530,207 2,417,615 PROVISIONS

- For severance payments 41,403 11,363 5,431 5,271 - 42,064 41,403

- For other contingencies 202,867 70,597 13,104 56,627 - 203,733 202,867

- Differences due to dollarization of judicial 11,558 1,471 410 - - 12,619 11,558 deposits

- For administrative, disciplinary and penal 5,131 - 648 - - 4,483 5,131 penalties T O T A L 260,959 83,431 19,593 61,898 - 262,899 260,959 Purposes for which they were set up: Allowances Loans, other receivables resulting from financial brokerage, receivables for financial leases and miscellaneous receivables - For uncollectibility risk (see Note 2 item 2.2.2.12) Calculated according to the assessment of debtors’ performance, economic and financial condition, and the guarantees securing their related transactions, as established by regulations in force. Equity Investments - For impairment of value risk Set up according to the characteristics and market value at period end for each of the assets subject to possible adjustments. Provisions For Severance Payments Updated amount estimated payable under labor lawsuits brought against the Bank. (see Note 2 item 2.2.2.16) For other contingencies Updated estimated amounts payable under commercial lawsuits, tax claims and other potential contingencies (see note 2.2.2.17). - Differences due to dollarization of judicial deposits Amount related to judicial deposits that were subject to pesification.

SCHEDULE K – COMPOSITION OF CAPITAL STOCK For the period from January 1, 2017 to September 30, 2017, presented in comparative format FIGURES STATED IN THOUSANDS OF PESOS

S h a r e s C a p i t a l S t o c k (1)

Issued Votes per Pending issuance C L A S S Number Allotted Paid in Unpaid Share or Distribution Outstanding Treasury Stock

ORDINARY SHARES

- Class "A" 101 5 ------

- Class "B" 562,326,550 1 562,327 - - - 562,327 -

TOTAL AS OF 09.30.2017 (Unaudited) 562,326,651 - 562,327 - - - 562,327 -

TOTAL AS OF 12.31.2016 562,326,651 - 562,327 - - - 562,327 -

(1) Stated at face value. Restatement has been included in ADJUSTMENTS TO SHAREHOLDERS' EQUITY.

SCHEDULE L – BALANCES IN FOREIGN CURRENCY For the period from January 1, 2017 to September 30, 2017, presented in comparative format FIGURES STATED IN THOUSANDS OF PESOS

HEAD 09.30.2017 (Unaudited) OFFICE AND BRAN- CHES C A P T I O N S BRANCHES 09.30.2017 12.31.2016 ABRO- POUND FRENCH SWISS IN AD EURO US DOLLAR MARK YEN OTHER ARGENTINA STER. FRANC FRANC

ASSETS Cash and Due from Banks 22,621,974 - 22,621,974 480,949 22,081,745 - 4,565 - 5,842 8,697 40,176 39,465,042 Government and corporate 3,306,394 - 3,306,394 - 3,306,394 ------1,277,057 securities Loans 37,644,512 - 37,644,512 12,096 37,632,416 ------18,116,040 Other receivables resulting from 2,541,222 - 2,541,222 8,868 2,503,401 - 159 - 6,176 22,489 129 8,187,883 Financ. Brok. Rec. for financial leases 183,351 - 183,351 - 183,351 ------51,621

Equity investments 8,798 - 8,798 212 8,586 ------8,032

Miscellaneous Receivables 142,677 - 142,677 78 142,599 ------128,586

Unallocated items 5,847 - 5,847 - 5,847 ------7,918

TOTAL 66,454,775 - 66,454,775 502,203 65,864,339 - 4,724 - 12,018 31,186 40,305 67,242,179 LIABILITIES Deposits 53,552,377 - 53,552,377 - 53,552,377 ------51,066,989 Other liabilities resulting from 8,607,074 - 8,607,074 124,783 8,450,235 - 455 - 6,505 22,467 2,629 12,257,560 Financ. Brok. Miscellaneous liabilities 30,676 - 30,676 3 30,673 ------11,713 Subordinated Negotiable 4,360,056 - 4,360,056 - 4,360,056 ------4,065,255 Obligations Unallocated items 2,412 - 2,412 - 2,412 ------7,005

TOTAL 66,552,595 - 66,552,595 124,786 66,395,753 - 455 - 6,505 22,467 2,629 67,408,522 MEMORANDUM ACCOUNTS DEBIT (Except for Contra Items) Contingent Accounts 8,756,776 - 8,756,776 12,092 8,744,684 ------4,332,886

Control Accounts 128,158,294 - 128,158,294 3,262 128,146,513 - 431 - - - 8,088 62,636,611

Derivatives ------149,512

Trust Accounts 2,017,582 - 2,017,582 - 2,017,582 ------1,846,548

TOTAL 138,932,652 - 138,932,652 15,354 138,908,779 - 431 - - - 8,088 68,965,557 CREDIT (Except for Contra Items) Contingent Accounts 3,372,699 - 3,372,699 405,004 2,967,695 ------1,704,916

Control Accounts 61,593 - 61,593 - 61,593 ------40,537

Derivatives ------164,463

TOTAL 3,434,292 - 3,434,292 405,004 3,029,288 ------1,909,916

SCHEDULE N – FINANCIAL ASSISTANCE TO RELATED PARTIES For the period from January 1, 2017 to September 30, 2017, presented in comparative format FIGURES STATED IN THOUSANDS OF PESOS

HIGH RISK OF WITH PROBLEMS/ C O N D I T I O N INSOLVENCY / DIFF. UNCO- T O T A L POTENTIAL DEFICIENT PERF. COLLECTION LLECTIBLE RISK/ UNCO- NORMAL DUE TO INADEQU. LLECTIBLE TECHNICAL PERF. REASONS NOT YET NOT YET 09.30.2017 D E S C R I P T I O N PAST DUE PAST DUE 12.31.2016 DUE DUE (Unaudited)

1.LOANS 876,889 ------876,889 1,510,915

- ADVANCES 254,296 ------254,296 426,632

Without Preferred Collateral or 254,296 ------254,296 426,632 Counter-guarantees - MORTGAGE AND PLEDGE 35,276 ------35,276 20,832 LOANS With "B" Preferred Collateral and 32,919 ------32,919 20,598 Counter-guarantees Without Preferred Collateral or 2,357 ------2,357 234 Counter-guarantees

- PERSONAL LOANS 3,710 ------3,710 2,301

Without Preferred Collateral or 3,710 ------3,710 2,301 Counter-guarantees

- OTHER 583,607 ------583,607 1,061,150

Without Preferred Collateral or 583,607 ------583,607 1,061,150 Counter-guarantees OTHER RECEIVABLES RESULTING FROM FINANCIAL 628,115 ------628,115 1,073,020 BROKERAGE 3.REC. FOR FINANCIAL LEASES 209,294 ------209,294 229,451 AND OTHERS 4.CONTINGENT LIABILITIES 527,931 ------527,931 684,744 AND DERIVATIVES 5.EQUITY INVESTMENTS AND 1,560,591 ------1,560,591 2,333,614 CORPORATE SECURITIES

TOTAL 3,802,820 ------3,802,820 5,831,744

TOTAL ALLOWANCES (*) 17,143 ------17,143 28,134

(*) Includes the allowances on the performing portfolio. (Comm. "A" 2729 as amended and supplemented)

SCHEDULE O - DERIVATIVE FINANCIAL INSTRUMENTS AND REPURCHASE AGREEMENT TRANSACTIONS For the period from January 1, 2017 to September 30, 2017 FIGURES STATED IN THOUSANDS OF PESOS

Average Weighted Agreed Residual Trading Term for Purpose of Underlying Kind of Average Average Item Environment or Diff. Amount Transactions Made Assets Settlement Weighted Weighted Settle- Counterpart Term (*) Term (*) ment (**)

FOREIGN CURRENCIES FORWARDS

Brokerage - own - “OCT” - Purchases Foreign currency Daily difference MAE 3 2 1 740,196 account -

Brokerage - own - “OCT” - Sales Foreign currency Daily difference MAE 3 1 1 1,150,359 account -

Brokerage - own - “ROFEX” - Purchases Foreign currency Daily difference ROFEX 4 2 1 17,905,258 account -

Brokerage - own - “ROFEX” - Sales Foreign currency Daily difference ROFEX 4 2 1 18,191,832 account -

FORWARDS - CLIENTS

OTC - Domestic Brokerage - own Upon due date of - FORWARDS - Purchases Foreign currency residents - Non 6 2 190 1,286,284 account - differences financial sector OTC - Domestic Brokerage - own Upon due date of - FORWARDS - Sales Foreign currency residents - Non 6 3 170 3,075,679 account - differences financial sector

REPURCHASE AGREEMENT TRANSACTIONS

National With delivery of Brokerage - own - Forward Sales government the underlying MAE 0 0 0 2,122,310 account - securities asset National With delivery of Brokerage - own - Forward purchases government the underlying MAE 0 0 0 998,652 account - securities asset

SWAPS

- Variable for fixed interest rate Brokerage - own Other Other MAE 19 15 1 1,000 swaps account -

(*) Expressed in months. 0 to 15 days = 0 ; 16 to 30 days = 1. (**) Expressed in days.

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM JANUARY 1, 2017 TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS) NOTE 1 - DESCRIPTION AND CORPORATE OWNERSHIP Founded in 1905, Banco Galicia y Buenos Aires S.A. is one of the largest private-sector banks in the Argentine financial system and a leading financial services provider in the country. As an universal bank, and through different affiliated companies and distribution channels, offers a wide range of services to individuals as well as companies, and operates one of the most extensive and diversified distribution networks among private-sector banks in Argentina. The Bank is a company controlled by Grupo Financiero Galicia S.A., a financial services holding company created in 1999, which has full control over its shares and votes.

NOTE 2 - BASIS OF PRESENTATION OF THE FINANCIAL STATEMENTS 2.1 - DISCLOSURE CRITERIA The financial statements, which stem from accounting records, are presented in line with Argentine Central Bank provisions regarding financial reporting requirements for the publication of quarterly/annual financial statements, and with the guidelines of General Resolution No. 622/13 of the CNV. This resolution provides that, in all cases, the consolidated financial statements must precede the individual financial statements; therefore, these financial statements have been presented in accordance with this guideline. These financial statements have been adjusted for inflation as mentioned in note 2 item 2.2.1. The comparative information in the Balance Sheet, Schedules and Notes corresponds to the end of the prior fiscal year, while in the Income Statement, Statement of Changes in Shareholders’ Equity and Statement of Cash Flows, it corresponds to the same period of the prior fiscal year. Certain balance sheet and income statement figures have been reclassified for purposes of their comparative presentation with those of the current period.

2.2 - ACCOUNTING STANDARDS USED 2.2.1 - UNIT OF MEASUREMENT The accounting standards in force in the Autonomous City of Buenos Aires (C.A.B.A.) set forth that financial statements must be expressed in constant currency, pursuant to the provisions of Technical Resolutions (R.T.) No. 6 and No. 17 of the Argentine Federation of Professional Councils in Economic Sciences (F.A.C.P.C.E.), as amended by R.T. No. 39, approved by the Professional Council in Economic Sciences of the Autonomous City of Buenos Aires on April 16, 2014, as well as Interpretation No. 8 by the F.A.C.P.C.E. These regulations set forth that an adjustment for inflation must be applied within a context of inflation, which, among other characteristics, entails a three-year accumulated inflation rate that reaches or surpasses 100%, taking into account the domestic wholesale price index published by the National Statistics and Census Institute. The Bank financial statements reflect the effects of the changes in the purchasing power of the currency up to February 28, 2003, having discontinued the adjustment for inflation as from said date, pursuant to the provisions of Decree No. 664/03 of the National Executive Branch, Section No. 268 of General Resolution No. 7/2005 by the Inspección General de Justicia (the “Argentine Superintendency of Companies”), Communiqué “A” 3921 by the B.C.R.A. and General Resolution No. 441/03 by the National Securities Commission. Resolution MD No. 41/03 of the Professional Council in Economic Sciences of the Autonomous City of Buenos Aires (“C.P.C.E.C.A.B.A.”) established the discontinuation of the recognition of the changes in the purchasing power of the currency, effective October 1, 2003. As of period-end, the macroeconomic context can be defined as a hyperinflationary economy taking into account the guidelines set forth by the GAAP and the government's expectations of lowering inflation levels. While the Controlling authorities have not issued a decision on the issue, as of period end, the conditions for the application of the adjustment for inflation are not met; however, the fluctuations of relevant economic variables that took place over the past fiscal years should be taken into account when reading and analyzing these Financial Statements.

2.2.2 – MAIN VALUATION CRITERIA:

2.2.2.1 – FOREIGN CURRENCY ASSETS AND LIABILITIES These are stated at the US Dollar exchange rate set by the Argentine Central Bank, at the close of operations on the last business day of each month. As of June 30, 2017, December 31, 2016 and September 30, 2016, balances in US dollars were converted at the reference exchange rate ($17.3183, $15.8502 and $15.2633, respectively) established by the Argentine Central Bank. Assets and

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM JANUARY 1, 2017 TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS) liabilities valued in foreign currencies other than the US Dollar have been converted into the latter currency using the swap rates informed by the Argentine Central Bank.

2.2.2.2 - GOVERNMENT AND CORPORATE SECURITIES 2.2.2.2.1 - GOVERNMENT SECURITIES

The Argentine Central Bank set forth, based on the most likely allocation of assets, two valuation criteria for holdings of debt instruments of the non-Financial Public Sector.

a) Fair market value: Includes government securities and monetary regulation securities included in the volatility or in the present value lists issued by the Argentine Central Bank. These are recorded at the market closing price of securities or present value, plus the value of amortization and interest coupons due and receivable.

b) Cost plus yield value: Includes government securities and Argentine Central Bank monetary regulation securities not included in the previous item. These are recorded at their incorporation value increased on an exponential basis according to their internal rate of return (IRR), and its accrual is recorded in the income statement or in a contra asset account, according to the securities in question:

B1) Sovereign debt instruments stemming from sovereign debt exchanges for other sovereign debt securities. Should their market value be lower than the accounting value, 50% the monthly accrual of the IRR it is recorded with a counterpart under allowances, which is reversed by means of an allocation to income as long as their balance exceeds the positive difference between their market and accounting value. B2) Argentine Central Bank's currency regulation securities. The monthly accrual of the IRR is charged to profit and loss. B3) National government securities not stemming from the sovereign debt exchange not included in the volatility or in the present value lists issued by the Argentine Central Bank. These are stated at present value of cash flow discounted at the internal rate of return of securities of similar characteristics and "duration" with volatility published by said institution. When the accounting value exceeds the present value, the accrual thereof is charged to contra asset accounts. In addition, and pursuant to the policies established by the entity, securities that may be valued at fair market value but are valued at cost plus IRR may be charged to this segment provided the aim is to obtain contractual cash flows. In those cases, the maximum amount that may be allocated to this option shall not exceed liquid assets corresponding to 40% of deposits. As of September 30, 2017 and December 31, 2016, and taking into account the abovementioned valuation criteria, the Bank stated its holdings as follows:

I) Holdings recorded at fair market value: It includes securities held for trading, valued according to item 2.2.2.2.1.a).

II) Holdings recorded at cost plus yield: Within this segment, the Bank recorded holdings of government securities in pesos and US dollars (pursuant to the breakdown in Schedule A). Had these securities been valued at market price, for a face value as of September 30, 2017 and December 31, 2016 of $ 2,617,302 and $ 1,871,933, the shareholders’ equity would have increased by $5,196 and by $ 14,663, respectively.

III) Securities Issued by the Argentine Central Bank: a) Recorded at fair market value: Valued pursuant to the provisions of item 2.2.2.2.1.a).

b) Recorded at cost plus yield value: Valued pursuant to the provisions of item 2.2.2.2.1.b).

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM JANUARY 1, 2017 TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS) Had these securities been marked to market as of September 30, 2017 and December 31, 2016, the shareholders' equity would have decreased by $33 and $ 12,174 respectively. Due to the fact that these securities have no volatility nor current value published by the Argentine Central Bank, the market value thereof has been calculated based on the corresponding cash flow discounted at the internal rate of return of securities of similar characteristics and "duration" with volatility published by said institution. The criteria mentioned in the above items have been applied to transactions involving said bonds allocated to loans, guarantees, transactions to be settled and repurchase agreement transactions, if applicable.

2.2.2.2.2 – INVESTMENTS IN CORPORATE SECURITIES WITH QUOTATION These securities are valued at the period-end closing price, less estimated selling costs, when applicable.

2.2.2.3 - ACCRUAL OF ADJUSTMENTS, INTEREST, EXCHANGE RATE DIFFERENCES, PREMIUMS ON FUTURE TRANSACTIONS AND VARIABLE RETURNS For foreign currency transactions and for 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. As of the end of the previous fiscal year, the Bank records placements with variable rates, pursuant to the provisions of the Argentine Central Bank. Fixed rates for each transaction were accrued pursuant to the provisions of the first paragraph, while variable rates were accrued by applying the rate proportion agreed upon to the positive variation in the price of the underlying taken as a base to determine the variation, between the time of agreement and the end of the month (see note 9). The adjustment from the application of the CER was accrued for lending and borrowing transactions where the legal and/or contractual conditions require it. As regards lending transactions, the Bank has ceased to recognize results once the debtor is classified as non-performing.

2.2.2.4 – FINANCIAL TRUST DEBT SECURITIES AND PARTICIPATION CERTIFICATES The debt securities added at par have been recorded at their technical value; the remaining holdings were valued at their cost increased according to their internal rate of return. Financial trusts participation certificates are valued taking into account the participation in the assets net of liabilities that stem from the financial statements of the respective trusts, corrected for the effect on them of the application of Argentine Central Bank regulations, when applicable. Trust which underlying assets are public sector assets have been valued taking into account the criteria described in item 2.2.2.2.1.b). In the case of the Participation Certificate of Galtrust I financial trust, it has been stated pursuant to the provisions of item 2.2.2.2.1.b3). As of September 30, 2017 and December 31, 2016 there are no differences between the book value and the market value of said certificate.

2.2.2.5 - NEGOTIABLE OBLIGATIONS AND DEBT SECURITIES WITHOUT QUOTATION The holdings of these securities are valued at acquisition cost increased on an exponential basis according to their internal rate of return.

2.2.2.6 - RECEIVABLES FROM FINANCIAL LEASES These receivables have been recorded at the current value of the sum of installments plus the residual value previously set forth, estimated pursuant to the terms and conditions agreed upon in the corresponding lease agreements, applying the internal rate of return.

2.2.2.7 - EQUITY INVESTMENTS a. In Financial Institutions and Supplementary and Authorized Activities Argentine: Galicia Valores S.A., Tarjetas Regionales S.A. and Procesadora Regional S.A. have been valued according to the equity method, based on these companies’ latest financial statements available. When applicable, the shareholders' equity stemming from the financial statements of said companies has been adjusted to reflect the effect of the application of Argentine Central Bank regulations. Regarding Compañía Financiera Argentina S.A. and Cobranzas y Servicios S.A., on January 12, 2017, the Board of Directors decided to accept an offer to purchase all shares held made by Mr. Julio Alfredo Fraomeni and Galeno Capital S.A.U. Closing is contingent upon the compliance of the offer terms and conditions, among them, approval by the Argentine Central Bank.

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM JANUARY 1, 2017 TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS) The price offered is subject certain adjustment variables which effect may vary depending on when the operation is duly closed with the corresponding approval by the regulatory authorities. Notwithstanding the foregoing, the economic result of this operation is expected not to have a significant effect on the Bank Shareholder's Equity. As of September 30, 2017, based on the above, the book value of said interest did not exceed the respective recoverable values. Also, on March 30, 2017 the sale of holdings in Tarjetas Del Mar S.A. was closed (see note 2 –Consolidation Basis for the Consolidated Financial Statements). As of the end of the previous fiscal year, said company has been assessed pursuant to the equity method.

The remaining companies with supplementary business activities have been valued at acquisition cost restated as mentioned in note 2 item 2.2.1, plus stock and cash dividends pending collection, as appropriate.

b. In Other Companies Argentine: These are valued at acquisition cost restated as mentioned in note 2 item 2.2.1, plus stock and cash dividends pending collection, as appropriate. The investments in Sudamericana Holding S.A., Galicia Warrants S.A. and Net Investment S.A. (in liquidation) have been valued according to the equity method, which was also used by Grupo Financiero Galicia S.A., the controlling shareholder of the Bank. The shareholders’ equity of those companies has been adjusted for the effect on them of the application of Argentine Central Bank regulations. During this period, the Bank accepted the offer for the purchase of its total holdings in Aguas Cordobesas S.A., which included 3,250,000 Class “E” shares, of which 2,350,000 were freely transferable and were paid through an initial payment of $ 38,335. During October 2017, the government of the province of Córdoba, as Licensor of the service provided by the company, has authorized the transfer of the remaining 900,000 Class “E” shares, having received the amount of $ 9,665 as balance of the price. Foreign: These are stated at cost, plus stock dividends recognized at their face value. The procedure referred to in note 2 item 2.2.2.1 has been applied for conversion into local currency.

2.2.2.8 - BANK PREMISES AND EQUIPMENT AND MISCELLANEOUS ASSETS Bank premises and equipment and miscellaneous assets have been valued at their restated cost (see note 2 item 2.2.1), plus the increase in value of the real estate property derived from a technical revaluation made in 1981, less accumulated depreciation. Financial leases that basically transfer the risks and benefits inherent to the leased item, are recognized at the beginning of the lease, at the lowest of the cash value of the leased item or the current value of the cash flow set forth in the agreement. The depreciation of assets is determined based on their estimated useful lives, expressed in months. A full month's depreciation is recognized in the month in which an asset is acquired, while no depreciation is recognized in the month in which it is sold or retired, over a maximum of 600 months for real estate property, 120 months for furniture and fittings and 60 months for the rest of assets. The residual value of the assets, taken as a whole, does not exceed their combined value of economic use.

2.2.2.9 - OTHER MISCELLANEOUS ASSETS These assets are valued at their restated acquisition cost (see note 2 item 2.2.1), less the corresponding accumulated depreciation. The depreciation charge for these assets is calculated following the same criterion as that mentioned in the preceding section.

2.2.2.10 - INTANGIBLE ASSETS Intangible assets have been valued at their restated acquisition cost (see note 2 item 2.2.1), less the corresponding accumulated amortization, calculated proportionally over the estimated number of months of useful life. Amortization has been recognized on a straight-line basis over a maximum of 60 months for "Organization and Development Expenses".

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM JANUARY 1, 2017 TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS) 2.2.2.11 – DERIVATIVES TRANSACTIONS These transactions have been recorded pursuant to the provisions of note 9.

2.2.2.12. - ALLOWANCE FOR LOAN LOSSES These have been established based upon the estimated uncollectibility risk of the Bank’s credit portfolio, 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 Argentine Central Bank regulations.

2.2.2.13. – INCOME TAX The Bank determines the Income Tax charge by applying the tax rate in force to the estimated taxable income, in accordance with Argentine Central Bank’s regulations. As of September 30, 2017 and 2016, the amounts determined for such tax of $1,922,000 and $1,296,000, respectively were charged to the results for the period under “Income Tax”. During September 2017, the Bank submitted before the A.F.I.P. claims for double taxation of the Income tax corresponding to fiscal years 2014 and 2016 for $433,815.- and $944,338.- respectively. Said proceedings are based on previous jurisprudence that set forth the unconstitutionality of the standards that disqualify the application of the tax adjustment for inflation, thus generating confiscatory scenarios. As of period end, the Bank does not record any assets related to the contingent assets stemming from the above mentioned proceedings.

2.2.2.14. - MINIMUM PRESUMED INCOME TAX The Minimum Presumed Income Tax is determined by applying the statutory rate of 1% on the computable assets at the end of the fiscal year. Since this tax is supplementary to the Income Tax, tax liability for each fiscal year will coincide with the higher of the two taxes. However, if the tax on Minimum Presumed Income were to exceed Income Tax in a given fiscal year, such excess may be computed as a payment on account of the Income Tax to be generated in any of the next 10 fiscal years. The recognition of this deferred asset and its realizability stem from the ability to generate sufficient future taxable income for offsetting purposes, in accordance with projections prepared in conformity with Argentine Central Bank regulations. As of September 30, 2017 and December 31, 2016, the Income Tax determined amount exceeded that of the Minimum Presumed Income Tax; therefore, the former tax was provisioned.

2.2.2.15 – LIABILITIES DUE TO CLIENT LOYALTY PROGRAM “QUIERO!” The Bank estimates the value of points granted to clients under the "Quiero!" program through a mathematical model that takes into account assumptions on exchange percentage, cost of points exchanged based on the combination of available products and customer preference, as well as the expiration of unused points. As of September 30, 2017 and December 31, 2016 the Bank recorded $ 490,249 and $378,636 respectively under Miscellaneous liabilities - Other, for unredeemed points.

2.2.2.16 - SEVERANCE PAYMENTS The Bank directly expenses severance payments. The amounts that the Bank may possibly have to pay for labor lawsuits are covered by a provision, which is recorded under "Liabilities - Provisions for Severance Payments” (See Schedule J).

2.2.2.17 – OTHER PROVISIONS As of September 30, 2017 and December 31, 2016 provisions have been set up in order to face potential labor, legal and tax-related claims and other potential contingencies (See Schedule J).

2.2.2.18 - SHAREHOLDERS' EQUITY Shareholders' Equity accounts have been restated following the procedure mentioned in note 2 item 2.2.1, except for the "Capital Stock" account, which is carried at its original value. Movements for the fiscal year are recorded in historical currency. The adjustment stemming from the restatement of that account is shown under “Adjustment to Shareholders’ Equity".

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM JANUARY 1, 2017 TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS) 2.2.2.19. – ACCOUNTING ESTIMATES The preparation of accounting statements as of a certain date requires the Bank to make estimates and assessments of the amount of assets, liabilities and contingent assets and liabilities, as well as income and expenses recorded during the period. In this sense, the Bank makes estimates in order to calculate at a given time, among others, the recoverable value of assets, loan loss and other contingencies provisions, depreciations and the Income Tax charge. Future actual results may differ from estimates and assessments made at the date these financial statements were prepared.

NOTE 3 - RESTRICTED ASSETS AND OTHER CONTINGENT LIABILITIES As of September 30, 2017, the Bank’s ability to dispose of the following assets was restricted:

a. Cash and Due from Banks and Government Securities - For margin requirements and repo transactions $ 110,961.- - For transactions at the Mercado a Término de Rosario $ 391,316.- - For credit and debit card transactions $ 1,028,392.- - For attachments $ 226.- - Liquid matching entry required to operate as CNV agents $ 18,402.- - For the contribution to the M.A.E. Joint Guarantee Fund $ 21,522.- - For other transactions $ 7,173.-

b. Special Escrow Accounts Cash and Due from Banks, Government Securities and Secured Loans as collateral for transactions involving electronic clearing houses, checks for settling debts and other similar transactions, which amount to $2,927,476.-.

c. Deposits in favor of the Argentine Central Bank - Unavailable deposits related to transactions $ 533.-

d. Equity Investments The "Equity Investments" caption includes 1,222,406 Electrigal S.A. ordinary registered non-endorsable non-transferable shares, which transfer is subject to the approval of national authorities, pursuant to the provisions of the concession agreement duly subscribed.

e. Contributions to Garantizar S.G.R.'s Risk Fund The Bank, in its capacity as sponsoring partner in Garantizar S.G.R.'s Risk Fund, covenants to maintain the contributions thereto for 2 years. The Bank records $ 100,000.

f. Guarantees Granted for Direct Obligations

Breakdown Amount PROPARCO credit line 36,650 Loans Program granted to the Province of San Juan 53,435 Program for the Competitiveness of Regional Economies (PROCER). 191,258

Total restricted assets for the above items as of September 30, 2017 amount to $ 4,887,344 while as of December 31, 2016 they amounted to $ 4,544,584.

NOTE 4 - RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF PROFITS Argentine Central Bank regulations require that 20% of the profits shown in the Income Statement at the end of the fiscal year, plus (less) prior fiscal year adjustments and, if applicable, accumulated losses, be allocated to a legal reserve.

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM JANUARY 1, 2017 TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS) This proportion applies regardless of the ratio between the legal reserve and the capital stock. Should the legal reserve be used to absorb losses, earnings shall be distributed again only if the value of the legal reserve reaches 20% of the capital stock plus the capital adjustment. According to the conditions set forth by the Argentine Central Bank, profits may only be distributed as long as results are positive, after deduction of retained earnings, as well as the Legal reserve and the reserve established by law, which creation may be enforceable, under the following unaccounted items: the difference between the accounting and the market value of public sector assets and/or debt issued by the Argentine Central Bank not marked to market, the amount of assets representing the losses from lawsuits related to deposits, and any adjustments required by the external auditors or the Argentine Central Bank not having been recognized. In addition, to be able to distribute profits, a financial institution must comply with the capital adequacy rule, with the minimum capital requirement and the regulatory capital calculated, only for the purpose of determining its ability to distribute profits, by deducting from its assets and retained earnings all the items mentioned in the paragraph above. Likewise, in such calculation, a financial institution will not be able to compute the temporary reductions in the capital affecting minimum capital requirements, computable regulatory capital or a financial institution’s capital adequacy. Since January 2016, the B.C.R.A. set forth that financial entities must have a capital preservation margin in addition to the minimum capital requirement of 3.5% of risk-weighted assets. Said margin shall be paid-in exclusively with the level 1 ordinary capital, net of deductible items. The distribution of profits shall be limited when the level and composition of the Bank computable equity places it within the range of the capital preservation margin. Profit distribution requires the prior authorization of the Superintendency of Financial Institutions and Exchange Bureaus of the Argentine Central Bank, which intervention will have the purpose of verifying that the aforementioned requirements have been fulfilled.

NOTE 5 - TRANSACTIONS WITH COMPANIES INCLUDED IN SECTION 33 OF LAW No. 19,550 The more significant balances recorded in balance sheet accounts, in connection with the controlling company and the controlled or related companies are detailed below in comparative format with December 31, 2016, while the Income Statement accounts are detailed below in comparative format with the same period of the previous fiscal year:

Asset and Liabilities Accounts Bank Assets Other receivables Receivables for Miscellaneous C O M P A N Y Loans resulting from financial leases Receivables financial brokerage SEPTEMBER SEPTEMBER SEPTEMBER SEPTEMBER DECEMBER DECEMBER DECEMBER DECEMBER 2017 2017 2017 2017 2016 2016 2016 2016 (Unaudited) (Unaudited) (Unaudited) (Unaudited) -Tarjetas del Mar S.A. 140,026 30,793 -Tarjetas Cuyanas S.A. 967 36,259 182,780 293,382 -Tarjeta Naranja S.A. 10,746 80,755 204,473 622,218 200,054 217,926 -Galicia Warrants S.A. 13,913 1,250 1,598 2,430 2,250 -Interbanking S.A. 6,241 3,784 -Prisma Medios de Pago S.A. 751,160 420,346 983,107 708,269 -Compañía Financiera Argentina S.A. 337,936 676,555 285,448 102,893 -Grupo Financiero Galicia S.A. 2,142 5,233 3,144

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM JANUARY 1, 2017 TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS) Asset and Liabilities Accounts Bank Liabilities C O M P A N Y Other Liabilities Resulting from Deposits Financial Brokerage SEPTEMBER 2017 SEPTEMBER 2017 DECEMBER 2016 DECEMBER 2016 (Unaudited) (Unaudited) -Seguro de Depósitos S.A. 9,807 14,966 -Cobranzas Regionales S.A. 2,576 8,370 -Galicia Valores S.A. 6,229 32,562 -Tarjetas Cuyanas S.A. 13,157 10,858 2,907 11,276 -Tarjeta Naranja S.A. 46,399 124,515 59,146 30,405 -Tarjetas del Mar S.A. 3,848 -Interbanking S.A. 4,138 2,757 -Prisma Medios de Pago S.A. 921,348 1,039,642 -Compañía Financiera Argentina S.A. 8,398 4,823 120,155 -Procesadora Regional S.A. 1,147 5,338 -Sudamericana Holding S.A. 10,064 10,306 -Compensadora Electrónica S.A. 2,645 -Grupo Financiero Galicia S.A. 353,177 -Galicia Warrants S.A. 1,371

Memorandum Accounts

Loans Granted Forward Sales of Foreign Currencies to be C O M P A N Y Settled in Pesos SEPTEMBER SEPTEMBER DECEMBER 2017 2017 DECEMBER 2016 (Unaudited) (Unaudited) 2016

-Galicia Valores S.A. 10,000 10,000

-Tarjeta Naranja S.A. 100,000

-Tarjetas Cuyanas S.A. 1,100 350,000

-Compañía Financiera 350,000 150,000 107,880 439,016 Argentina S.A.

-Galicia Warrants S.A. 3,000 2,317

Bank Profits/Losses Net Financial Income Net Income from Serv. and Misc. C O M P A N Y Income Expenses Income Expenses SEPTEMBER SEPTEMBER SEPTEMBER SEPTEMBER SEPTEMBER SEPTEMBER SEPTEMBER SEPTEMBER 2017 2016 2017 2016 2017 2016 2017 2016 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)

-Tarjetas del Mar 50,774 S.A.

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM JANUARY 1, 2017 TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS) -Tarjetas Cuyanas S.A. 2,823 11,474 10,206 6,677 35,384 49,866 -Tarjeta Naranja S.A. 49,512 119,851 16,913 21,983 270,000 181,990 -Grupo Financiero Galicia S.A. 23,196 12,576 2,700 2,749 -Prisma Medios de Pago S.A. 117,554 129,715 912,256 662,421 -Compañía Financiera 111,841 9,517 3,360 5,060 Argentina S.A. -Interbanking S.A. 2,531 -Galicia Warrants S.A. 2,345 4,210 -Procesadora Regional S.A. 3,780 -Sudamericana Holding S.A. 1,392 2,650

NOTE 6 – CONTRIBUTION TO THE DEPOSIT INSURANCE SYSTEM Law No. 24,485 and Decree No. 540/95 established the creation of the Deposit Insurance System to cover the risk attached to bank deposits, in addition to the system of privileges and safeguards envisaged in the Financial Institutions Law. The National Executive Branch through Decree No. 1127/98 established the maximum limit covered by the insurance system for demand deposits and time deposits denominated either in pesos and/or in foreign currency. Currently, said limit is $ 450. 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 at an interest rate exceeding the one established regularly by the Argentine Central Bank based on a daily survey conducted by it. Also excluded are those deposits whose ownership has been acquired through endorsement and those placements made as a result of incentives other than the interest rate and fixed balances stemming from deposits and other excluded transactions. This system has been implemented through the creation of the Deposit Insurance Fund (“FGD”), which is managed by a company called Seguros de Depósitos S.A. (SEDESA). The shareholders of SEDESA are the Argentine Central Bank and the financial institutions, in the proportion determined for each one by the Argentine Central Bank based on the contributions made to the fund. The monthly contribution institutions must make to the Fund is 0.015%, on the monthly average of all deposits.

NOTE 7 - TRUST AND GUARANTEE 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, certain amounts to be applied, according to the following breakdown:

TRUST BALANCE CONTRACT TRUSTOR MATURITY DATE DATE $ US$ 12/07/2010 FONDO FIDUCIARIO ACEITERO 15,287 12/31/2017 (1) 04/17/2012 EXXON MOBIL 4,193 04/19/2019 (1) 04/29/2013 PROFERTIL 513 116,500 04/30/2018 (1) 10/21/2013 SINTEPLAST 12 12/31/2017 (1) 12/20/2013 LOS CIPRESES 9 12/31/2017 (1) 09/12/2014 COOP. DE TRAB. PORTUARIOS 1,077 09/12/2018 (1) 09/30/2015 LAS BLONDAS IV y V 187 11/28/2018 (1) 04/14/2016 RIOS BELT 25,129 04/14/2019 (1)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM JANUARY 1, 2017 TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS) 06/28/2017 DIST GAS DEL CENTRO 34,119 06/28/2018 (1) 07/19/2017 DIST GAS CUYANA 91,498 07/19/2018 (1) 08/08/2017 DIST GAS DEL CENTRO 59,050 08/08/2018 (1) TOTAL 231,074 116,500 (1) These amounts will be released monthly until the earlier of the settlement date of trustor obligations or the due date, whichever occurs first.

b) Financial Trust Contracts Purpose: to administer and exercise the fiduciary ownership of the trust assets until the redemption of the debt securities and the participation certificates:

TRUST CONTRACT BALANCE MATURITY DATE DATE TRUSTOR

$ 10/12/2005 HYDRO I 15 12/31/2017 (2) 12/06/2006 GAS I 45,554 12/31/2017 (3) 05/06/2008 AGRO NITRALCO II 36 12/31/2017 (3) 05/14/2009 GAS II 4,781,272 12/31/2022 (3) 02/10/2011 CAG SA 449 12/31/2017 (3) 06/08/2011 MILA III 358 12/31/2017 (3) 09/01/2011 MILA IV 1,144 12/31/2017 (3) 09/14/2011 CAG SA II 683 12/31/2017 (3) 05/31/2012 FIDEICRED AGRO SERIES I 3 12/31/2017 (3) 12/27/2012 PLA I 63 12/31/2017 (3) 09/18/2013 DONMARIO SEMILLAS SERIES I 118 12/31/2017 (3) 11/05/2013 PLA II 7 12/31/2017 (3) 11/21/2013 COMAFI PRENDAS I 102 09/29/2018 (3) 02/13/2014 MILA V 2,592 05/20/2020 (3) 06/06/2014 MILA VI 1,964 10/20/2020 (3) 06/18/2014 RED SURCOS II 1 12/31/2017 (3) 07/08/2014 DONMARIO SEMILLAS SERIES II 133 12/31/2017 (3) 07/24/2014 FIDEICRED ATANOR III 77 12/31/2017 (3) 07/22/2014 DONMARIO SEMILLAS SERIES III 157 12/31/2017 (3) 07/25/2014 FIDEICRED AGRO SERIES II 7 12/31/2017 (3) 10/03/2014 MILA VII 3,739 01/20/2021 (3) 12/02/2014 MAS CUOTAS SERIES I 146 12/31/2017 (3) 01/13/2015 RED SURCOS III 775 12/31/2017 (3) 01/27/2015 MILA VIII 10,809 06/15/2021 (3) 05/18/2015 MILA IX 14,936 09/15/2021 (3) 12/02/2014 MAS CUOTAS SERIES II 231 12/31/2017 (3) 08/24/2015 MILA X 19,424 12/20/2021 (3) 10/30/2015 MILA XI 27,638 01/15/2022 (3) 12/09/2015 FIDEICRED AGRO SERIES III 5 12/31/2017 (3) 01/07/2016 MAS CUOTAS SERIES III 232 12/31/2017 (3) 01/14/2016 MILA XII 34,740 11/15/2021 (3) 02/05/2016 RED SURCOS IV 1,035 12/31/2017 (3) 05/13/2016 MILA XIII 51,257 09/15/2022 (3) 06/15/2016 MAS CUOTAS SERIES IV 891 11/15/2017 (3) 09/01/2016 MILA XIV 52,862 01/31/2023 (3) 09/15/2016 MAS CUOTAS SERIES V 1,544 12/31/2017 (3) 10/27/2016 MILA XV 71,254 03/31/2023 (3) 12/06/2016 MAS CUOTAS SERIES VI 75,656 02/15/2018 (3) 01/10/2017 MILA XVI 84,055 06/30/2023 (3) 02/24/2017 MILA XVII 124,926 09/30/2023 (3) 03/23/2017 MAS CUOTAS SERIES VII 152,813 01/15/2018 (3) 05/29/2017 FIDEICRED AGRO SERIES IV 215,725 09/30/2018 (3) 06/12/2017 MILA XVIII 114,976 01/31/2024 (3)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM JANUARY 1, 2017 TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS) 06/21/2017 MAS CUOTAS SERIES VIII 451,228 02/15/2018 (3) 08/16/2017 MAS CUOTAS SERIES IX 492,881 05/15/2018 (3) TOTAL 6,838,513 (2) These amounts will be released monthly until the redemption of the debt securities. (3) Estimated date, because the actual maturity will occur at the time of the distribution of all of the trust assets.

c) Guarantee agent activities c.1) The Bank has been appointed Guarantee Agent of the National Treasury endorsements in favor of ENARSA (Energía Argentina S.A.) and transferred in favor of Nación Fideicomisos S.A. in its capacity of Trustee of Financial Trusts “ENARSA- BARRAGAN” AND “ENARSA-BRIGADIER LOPEZ”. Said endorsements guarantee the payment of all liabilities of the abovementioned Trusts. The Bank, as Guarantee Agent, is the custodian of all documents corresponding to endorsement by the National Treasury and shall be in charge of all legal and notaries aspect as regards the execution thereof. As of September 30, 2017 and December 31, 2016, the balances for said transactions amount to US$ 1,364,097 and $ 408. c.2) In April 2013, together with the subscription of the Fiduciary Assignment and Guarantee Trust Agreements “Profertil S.A.”, the Bank has been appointed Guarantee Agent of the Fixed Registered Pledge Agreement, subscribed on June, 18, 2013, which guarantees all obligations assumed. As of September 30, 2017 and December 31, 2016, the balance for said transactions amounts to US$ 116,500.

NOTE 8 - NEGOTIABLE OBLIGATIONS The Bank has a Global Program for the issuance of Negotiable Obligations in place:

DATE OF APPROVAL BY TYPE OF NEGOTIABLE AUTHORIZED AMOUNT OBLIGATION PROGRAM'S TERM THE SHAREHOLDERS' CNV APPROVAL MEETING (*) Resolution N° 15228 dated 11.04.05 and extended through Resolution No. 16454 dated 11.11.10 and Ordinary, non- Resolution No. convertible into 04.28.05, 04.14.10, 17883 dated shares, 04.29.15, 04.26.16 11.20.15 US$ 1,100,000 subordinated or 5 years and not, adjustable or Amount increase not, secured or 11.09.16 approved by unsecured Resolution No 17883 dated 11.20.15 and Resolution No. 18081 dated 06.10.16 and Resolution No. 18480 dated 01.26.2017 (*) Or its equivalent in other currencies.

Within this global program, the Bank has the following negotiable obligations:

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM JANUARY 1, 2017 TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS) RESIDUAL BOOK VALUE (*) FACE VALUE (IN THOUSANDS OF PESOS) ISSUE (In ISSUE AUTHORIZED CURRENCY TYPE TERM RATE DATE thousands) 09.30.2017 BY THE CNV 12.31.2016 as of (Unaudited) 09.30.17 84 05.04.11 US$ US$ 300,000 Ordinary (1) - 04.14.11 months 4,817,027 07.19.16 US$ US$ 250,000 Subordinated 120 (3) 4,360,056 4,065,255 06.23.16 months(2)

02.17.17 $ US$ 150,537 Ordinary 36 (4) - 02.06.17 months 2,423,928

05.18.17 $ $2,000,000 Ordinary 36 (5) - 05.08.17 months 2,055,704

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

(1) On May 4, 2017 the Bank redeemed all its outstanding negotiable obligations due in 2018 at a price equal to 100% of the residual nominal value plus accrued, unpaid interest as to said date, excluding the date of redemption. (2) These obligations will be fully amortized at maturity, on July 19, 2026, unless they are previously redeemed, at the issuer’s option, in full at a price equal to 100% of the outstanding capital plus accrued, unpaid interest. (3) Fixed annual rate of 8.25% as from the issuance date until July 19, 2021 and a margin to be added to the Benchmark readjustment nominal annual rate of 7.156% until the maturity date. Said interest shall be payable on a semi-annual basis on January 19 and July 19 as from 2017. (4) Variable rate equal to the simple mathematical average of the private Bladar rates plus 2.69%, which shall be paid on a quarterly basis on May 17, 2017. (5) Variable rate equal to the simple mathematical average of the private Bladar rates plus 2.98%, which shall be paid on a quarterly basis on Aug 18, 2017. The net proceeds from the placement of these issuances were used as working capital, to grant loans and other financing, and to other purposes included in the Negotiable Obligations Law and the Argentine Central Bank regulations. As of September 30, 2017, the Bank holds Negotiable Obligations Galicia Classes 3 and 4 for $1,454 and $83,455, respectively, while as of December 31, 2016 it held Negotiable Obligations 2018 for $ 95,639.

NOTE 9 - DERIVATIVE FINANCIAL INSTRUMENTS FORWARD SALE-PURCHASE OF FOREIGN CURRENCIES WITHOUT DELIVERY OF THE UNDERLYING ASSET The Mercado Abierto Electrónico (MAE) and the Mercado a Término de Rosario (ROFEX) have trading environments for the closing, recording, and settlement of financial forward transactions carried out among its agents, the Bank being one of them. The general settlement mode for these transactions is without delivery of the traded underlying asset. Settlement is carried on a daily basis for the difference, if any, between the closing price of the underlying asset and the closing price or value of the underlying asset corresponding to the previous day, the difference in price being charged to income. As of September 30, 2017, forward purchase and sale transactions amounted to $18,645,454; and $19,342,191, while as of December 31, 2016 they amounted to $15,005,454 and $11,505,990 respectively. In addition, transactions were carried out directly with customers under the terms and conditions stated above settling differences upon extinction of the agreement. As of September 30, 2017, forward purchase and sale transactions amounted to $1,286,284 and $3,075,679, respectively while as of December 31, 2016 they amounted to $ 215,072 and $1,195,463, respectively. Such transactions are recorded under Memorandum Accounts for the notional value traded. Balances pending settlement accrued are recorded under “Balances from forward transactions without delivery of underlying asset to be settled” included in “Other receivables resulting from financial brokerage” and/or “Other Liabilities Resulting from Financial Brokerage”, as the case may be.

INTEREST RATE SWAPS These transactions, traded within the framework of the MAE, are settled on a daily or monthly basis for the variation in Pesos between the cash flow calculated at a variable rate (private banks’ Badlar rate, for a period of 30 to 35 days) and the cash flow calculated at fixed rate on the notional value agreed upon, thus recording an income or loss for said difference.

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM JANUARY 1, 2017 TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS) As of September 30, 2017 and December 31, 2016, transactions amounted to $ 1,000 and $ 75,000 respectively. Such transactions are recorded under Memorandum Accounts for the notional value traded. Balances pending settlement accrued are recorded under “Balances from interest rate swaps pending settlement” included in “Other receivables resulting from financial brokerage” and/or “Other Liabilities Resulting from Financial Brokerage”, as appropriate.

PUT OPTIONS BOUGHT AND WRITTEN ON GOLD FUTURES WITHOUT DELIVERY OF THE UNDERLYING ASSET At the end of the previous fiscal year, these transactions have been carried out in order to obtain coverage of the variable rate of the placements foreseen by the Argentine Central Bank received by the Bank. The date of placement, option term and underlying asses coincide with that of the related placement. Notional amounts have been estimated in such a way the compensated amount of derivatives is similar to the investment variable rate. Variations to the underlying asset's value, between the time of agreement and fiscal year end, equal to the variable rate, have been recognized in profit/ (losses) and are recorded under Other receivables resulting from financial brokerage and/or under Other Liabilities Resulting from Financial Brokerage as appropriate. Premiums collected and/or paid have been accrued on a straight line basis during contract's effective period. As of December 31, 2016, gold put options bought and written amounted to $ 149,512 and $ 164,463 respectively. Said transactions are recorded under “Memorandum Accounts - Debit-Derivatives - Notional Value of Call Options Bought” and under “Memorandum Accounts - Credit-Derivatives - Notional Value of Call Options Written”.

PUT OPTIONS WRITTEN ON US DOLLAR FUTURES WITHOUT DELIVERY OF THE UNDERLYING ASSET. At the end of the previous fiscal year, these transactions have been made at the Mercado a Término de Rosario (ROFEX). Premiums collected have been accrued on a straight line basis during contract's effective period. As of December 2016, put options written on US-dollar futures amount to $ 10,200, which have been recorded under “Memorandum Accounts - Credit- Derivatives - Notional Value of Call Options Written”.

The Bank's management of financial risks is carried within the limits set by the policies approved by the Board of Directors in such respect. In that sense, “derivatives financial instruments” issued by the Bank are tools the Bank uses in order limit certain risk exposures and/or as a financial product to develop the Bank's investment and trading strategies. In both cases, the use of these tools takes into account the internal policy framework set forth by the Bank.

NOTE 10 - NATIONAL SECURITIES COMMISSION - Agents – Minimum liquid matching entry required: Within the framework of Resolution No. 622/13 by the National Securities Commission, the Bank has been registered under the Comprehensive Liquidation, Compensation Agent No. 22 (ALyC and AN - Integral), Custody Agent of Collective investment products of Mutual Funds No. 3 (ACPIC FCI) and Mass Investment Product Administration Agent No. 54 categories. As of September 30, 2017, the Bank's equity exceeds the requirement of the CNV to operate within the Agent category for which the Bank has already been registered. Said requirement amounts to $28,000, being the required liquid matching entry $14,000, which the Bank paid-in with Peso-denominated Argentine Central Bank's currency regulation securities, recorded under custody in Caja de Valores (Principal 100100) for $18,402.

- Custody Agent of Collective investment products of Mutual Funds: Furthermore, in compliance with Section 7 of Chapter II, Title V of the abovementioned Resolution, as Custody Agent of Collective investment products of Mutual Funds (depository) of mutual funds: "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”, “FIMA MIX I”, “FIMA RENTA DOLARES I” and “FIMA RENTA DOLARES II”, as of September 30, 2017 holds a total of 11,378,825,373 units under custody for a market value of $75,136,952 which is included in the "Depositors of Securities Held in Custody" account. As of the previous fiscal year end, the securities held in custody by the Bank totaled 7,777,368,861 units and their market value amounted to $ 37,337,855.

What follows is a breakdown of mutual fund assets as of period/fiscal year-end:

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM JANUARY 1, 2017 TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS) MUTUAL FUND ASSETS AS OF 09.30.2017 12.31.2016 (Unaudited) FIMA ACCIONES 322,635 117,805 FIMA P.B. ACCIONES 973,177 305,310 FIMA RENTA EN PESOS 544,778 239,066 FIMA AHORRO PESOS 20,918,019 15,955,347 FIMA RENTA PLUS 458,107 247,293 FIMA PREMIUM 7,539,633 7,130,327 FIMA AHORRO PLUS 21,142,801 10,194,730 FIMA CAPITAL PLUS 383,939 561,800 FIMA ABIERTO PYMES 238,269 187,124 FIMA MIX I 6,609 151,487 FIMA RENTA DOLARES I 17,220,944 2,245,266 FIMA RENTA DOLARES II 5,388,041 2,300 TOTAL 75,136,952 37,337,855

-Document custody: Pursuant to General Resolution No. 629 issued by the C.N.V., the Bank reports it holds supporting documentation of accounting and management operations in custody in AdeA (Taxpayer ID No. (CUIT): 30-68233570-6) Planta III located at Ruta Provincial 36 km. 31.5 no. 6471 (CP 1888) Bosques, province of Buenos Aires, being it legal domicile Av. Pte. Roque Sáenz Peña 832-1st floor, C.A.B.A..

NOTE 11- BREAKDOWN OF "OTHER" ITEMS 09.30.2017 12.31.2016 (Unaudited) -BALANCE SHEET

-ASSETS -LOANS 31,283,697 12,649,028 Documentary credits 10,590 6,722 Export prefinancing/financing loans 26,094,759 11,409,149 Overnight Placements with Banks Abroad 5,156,338 1,227,101 Other 22,010 6,056

-MISCELLANEOUS RECEIVABLES 2,168,316 1,845,729 Sundry debtors 261,530 219,855 Guarantee deposits 1,577,766 1,386,389 Payments in advance 233,689 108,337 Tax prepayments 9,372 115,449 Other 85,959 15,699

-LIABILITIES -OTHER LIABILITIES RESULTING FROM FINANCIAL BROKERAGE - OTHER 15,473,828 15,244,218 Collections on behalf of third parties and other liabilities 3,193,898 3,180,952 Liabilities for financing of purchases 7,572,458 6,825,362 Other withholdings and collections 1,197,216 1,460,851 Our accounts in correspondent Banks 633,774 1,118,549 Liabilities subject to Minimum Cash Requirements 201,945 317,335 Sundry not subject to Minimum Cash Requirements 1,915,363 2,019,252 Accrued commissions payable 211,694 153,184 Other 547,480 168,733

-MISCELLANEOUS LIABILITIES 4,864,992 3,150,205 Sundry creditors 1,541,615 806,708 Taxes payable 2,218,207 1,565,855

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM JANUARY 1, 2017 TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS) Salaries and social security contributions payable 779,848 543,943 Other 325,322 233,699

-MEMORANDUM ACCOUNTS - DEBIT -CONTROL - OTHER 613,997,755 303,087,180 Securities held in custody 566,083,573 256,987,243 Bills for collection 19,514,689 18,309,418 Guarantee agent activities 25,641,831 23,468,166 Other 2,757,662 4,322,353

09.30.2017 09.30.2016 (Unaudited) (Unaudited) -INCOME STATEMENT -INCOME FROM SERVICES 5,424,919 4,344,421 Fees earned on credit cards 3,285,293 2,770,333 Fees earned on life insurance policies 338,690 359,993 Other 1,800,936 1,214,095

-EXPENSES FOR SERVICES 2,329,768 1,584,298 Turnover taxes 425,345 350,930 Linked to credit cards 969,132 731,109 Other 935,291 502,259

-MISCELLANEOUS LOSSES 435,331 135,607 Claims 96,888 50,903 Donations 39,568 33,481 Turnover tax 67,888 11,532 Other 230,987 39,691

NOTE 12 - PUBLICATION OF THE FINANCIAL STATEMENTS Pursuant to the provisions of the Argentine Central Bank, no prior approval from said entity is required in order to publish these Financial Statements.

NOTE 13 - CAPITAL STOCK (Schedule K) The Company's capital stock as of September 30, 2017 amounts to $ 562,327, which suffered no changes during the last three fiscal years.

NOTE 14 - EQUITY INVESTMENTS (Schedule E) Percentage of participation in the capital stock of other companies:

1) Galicia Valores S.A. (1) 99.00% 12) Compensadora Electrónica S.A. 10.541% 2) Compañía Financiera Argentina S.A. (2) 97.00% 13) Empresa de Transporte de Energía Eléctrica 3) Cobranzas y Servicios S.A. (3) 95.00% por Distribución Troncal de Cuyo S.A. 4) Tarjetas Regionales S.A. 77.00% (Distrocuyo S.A.) 6.125% 5) Prisma Medios de Pago S.A. 15.87% 14) Argencontrol S.A. 5.766% 6) Galicia Warrants S.A. 12.50% 15) Procesadora Regional S.A. 5.00% 7) Electrigal S.A. 12.50% 16) Garbin S.A. 4.362% 8) Net Investment S.A.(En liquidación) 12.50% 17) Mercado Abierto Electrónico S.A. 1.485% 9) Sudamericana Holding S.A. 12.50% 18) Banelsip S.A. 1.25% 10) Seguro de Depósitos S.A. 11.875% 19) Banco Latinoamericano de Exportaciones S.A. 0.09684% 11) Interbanking S.A. 11.11% 20) S.W.I.F.T. S.C. 0.017% 21) Garantizar S.G.R. 0.002%

(1) See note 2 –Consolidation Basis for the Consolidated Financial Statements (2) and (3) See note 2.2.2.7.a) Equity investments

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM JANUARY 1, 2017 TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS) NOTE 15 - INCOME PER SHARE As of September 30, 2017 and 2016, the Bank estimates the net earnings per share based on 562,326,651 shares with a face value of $1. Net income / (loss) for the periods then ended is the following:

Figures stated in thousands of pesos

09.30.2017 09.30.2016 Net income / (loss) for the fiscal year – Income 5,161,451 3,541,707 Earnings per share 9.179 6.298

NOTE 16 - BREAKDOWN OF "TOTAL CREDIT" Total Credit encompasses those items for which debtors must be classified according to their quality, which are recorded under the following captions:

09.30.2017 12.31.2016 (Unaudited) -LOANS 142,236,449 107,530,765 -OTHER RECEIVABLES RESULTING FROM FINANCIAL BROKERAGE 3,485,798 3,987,247 -RECEIVABLES FROM FINANCIAL LEASES 1,667,198 1,189,900 -MISCELLANEOUS RECEIVABLES 120,539 127,276 -CONTINGENT LIABILITIES 14,903,916 12,031,981

TOTAL 162,413,900 124,867,169

NOTE 17 - SETTING UP OF FINANCIAL TRUSTS a) Financial trusts in which the Bank acts as trustee outstanding at fiscal year/period end: BOOK VALUE OF SECURITIES ESTIMATED HELD (IN THOUSANDS OF NAME CREATION MATURITY TRUSTEE TRUST ASSETS TRANSFERRED PESOS) DATE DATE PORTFOLIO 09.30.2017 12.31.2016 (Unaudited) FIRST TRUST SECURED BONDS IN PESOS 2% US$ 490,224 GALTRUST I 10.13.00 02.04.18 OF NEW YORK DUE IN 2018 (*) 214,109 504,874 N.A. (1)

(*) The remaining US$ 9,776 was transferred in cash. (1) In exchange for loans to provincial governments.

b) Also, as of September 30, 2017 and December 31, 2016 the Bank records in its own portfolio participation certificates and debt securities issued by financial trusts for $1,372,777 and $998,152, respectively.

NOTA 18 - MINIMUM CASH AND MINIMUM CAPITAL REQUIREMENTS - Accounts that identify the compliance of the minimum cash requirement As of September 30, 2017, the balances recorded under the computable items are the following:

ITEM Pesos US Dollars(*) Euros (*) Current accounts with the Argentine Central Bank 8,572,510 1,008,714 16 Special Escrow Accounts with the Argentine Central Bank 2,864,652 5,300 Total computable items for compliance with Minimum Cash Requirements 11,437,162 1,014,014 16

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM JANUARY 1, 2017 TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS) (*) Stated in USD

- Minimum Capital Requirement The following is a breakdown of the minimum capitals on an individual basis:

09.30.2017 (Unaudited) 12.31.2016 Capital required 15,985,110 12,090,722 Computable Capital 21,224,309 17,762,034 Excess over Required Capital 5,239,199 5,671,312

The Argentine Central Bank decided that the Bank shall be deemed a Domestic Systemically Important Bank (D-SIBs) for all purposes. Therefore, as from January 2016 it imposes an additional capital preservation margin in addition to the minimum capital requirement equal to 3.5% of risk-weighted assets. In addition, it also decided that as from June 2015 equity investments in debit and credit card issuing companies are deducted from the Computable regulatory capital (“RPC”) reaching 100% by June 2018.

NOTE 19 – RISK MANAGEMENT POLICIES The specific tasks related to the overall management of the risks the Bank faces has been allocated to the Risk Management Division, thus ensuring its independence from the remaining business units by reporting directly to the Bank's General Management while being involved in each unit's decisions. In addition, the control and prevention of money laundering, funding of terrorist activities and other illegal activities are under the scope of the Prevention of Money Laundering Unit which reports directly to the Board of Directors. Both areas' mission is to assure that the Board of Directors has full knowledge of the risks to which the Bank is exposed and to design and propose the policies and procedures necessary to identify, assess, follow up, control and mitigate such risks. The Bank has developed a Capital Availability Assessment Process in order to assess the relationship between its own resources available and the resources necessary to keep a suitable risk profile. This process shall also allow the Bank to identify its needs of economic capital as well as the sources to satisfy said needs. The estimation of the minimum capital requirement for each risk is carried out pursuant to the Argentine Central Bank's provisions. Also, the Bank has developed a risk appetite framework with levels for different risks acceptance, and within said framework the Bank defined metrics calculated based on current and stresses ratios which are monitored in order to detect situations that may affect the normal course of business, default on the strategy and cause unwanted results and/or vulnerability situations before changes in market conditions. The Risk and Capital Allocation Committee considers and controls de Bank risk profile through a Risk Appetite report and defines the action to be taken in case of departures from defined thresholds.

Financial Risks The Bank's management of financial risk, short as well as medium-term, is carried within the framework of the policies approved by the Board of Directors, which sets the limitations to the different risk exposures and also oversees the relationships among said risks. Management tasks are supplemented by “contingency plans” designed to face adverse market situations. In addition, “stress testing” is conducted, which allows the Bank to assess risk exposure, in historic and simulated scenarios, which capture critical levels of the different risk factors.

Liquidity The daily liquidity management is carried out within a defined strategy that aims at maintaining liquid resources sufficient to mitigate the negative effects that generate uneven variations in loans and deposits, and coping with stressful situations. The liquidity policy in force foresees setting limits and monitoring in terms of a) stock’s liquidity, a “Management Liquidity Requirement” level was set forth as the excess over the minimum cash requirements, taking into account the characteristics and behavior of the Bank's liabilities and the liquid assets that make up said liquidity were also defined and b) flows liquidity, the gaps between maturing consolidated financial assets and liabilities at contractual due dates are

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM JANUARY 1, 2017 TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS) prepared and monitored on a monthly basis. There is a maximum limit for maturity mismatches, set in terms of the accumulated gap against total liabilities which is permanently enforced within the first year. There is also a contingency plan, by type of currency, which sets forth the measures to be taken and the assets from which to obtain liquid resources additional to those contemplated by the policy described. In order to mitigate the liquidity risk stemming from the deposit concentration by customer, the Bank has a policy in place that regulates deposit concentration in the largest customers.

Currency Risk The policy currently in force sets forth technical limitations on maximum positions “bought” (assets denominated in a foreign currency exceeding liabilities denominated in that same currency) and “sold” (assets denominated in a foreign currency that are lower than the liabilities in that same currency) for mismatches foreign currencies, as a ratio of the RPC of the Bank. This risk management strategy is characterized by a suitable balance between foreign currency-denominated assets and liabilities, seeking to attain long-term full coverage of asset and liabilities' mismatches and allowing for a short-term management margin on said mismatches that contributes to optimizing certain market situations. Short and long-term goals are attained through appropriately managing assets and liabilities and using the financial products available in our market, specially "futures in US Dollar”, in institutionalized markets (MAE and ROFEX) as well as in forward transactions carried out with customers. The Bank's currency futures transactions (futures in US Dollar) is subject to the limitations that take into account the characteristics of each negotiation environment.

Interest-Rate Risk The Bank's exposure to the “interest-rate risk”, as a result of interest rate fluctuations and the different sensibility to Assets and Liabilities is managed within the approved strategy. On one hand, it is based on a short-term perspective, seeking to preserve the net financial margin within the levels set forth by the policy. On the other hand, a long-term perspective, aiming at minimizing the negative impact on the Bank's Shareholders' Equity current value before the changes in interest rates. From an all-encompassing perspective of all risk exposures and contributing to the addition of a "risk premium" to the pricing process, one of the Bank's goals is to systematically estimate the "economic capital" consumed by the balance- sheet structural risk (interest rate risk), as well as the contribution to capital consumption by the "price risk" in its different forms.

Market Risk All brokerage transactions and/or investments in government and privates securities, currencies, derivatives and debt securities issued by the Argentine Central Bank listed in the Capital Markets and which value varies in accordance with the fluctuation of the market prices thereof, are included in the Policy that limits the tolerable losses during a year. The daily management of the “price risk” (market) is carried out within the approved strategy, which aims at keeping the Bank's presence in the different markets, fixed-income, variable and derivatives markets, obtaining the highest possible return on the brokerage without exposing the Bank to excessive risk levels. Finally, the policy contributes to provide transparency and facilitates the perception of the risk levels the Bank is exposed to. In order to measure and control the risk derived from the price variations of the financial instruments that make up the brokerage or trading portfolio, a model known as "Value at Risk" (or "VaR") is used which measures individually the potential loss generated by the positions in securities, derivatives, and foreign-currencies under certain parameters.

Cross-border Risk Foreign trade transactions as well as the management of the Bank's "treasury" resources imply assuming risk position in international jurisdictions (cross border risk / cross-border loans). These exposures to assets located in foreign jurisdictions are within the framework of the Bank's commercial and financial strategy, which aims at achieving an efficient customer service and optimizing the management of available liquid resources within a suitable risk-profitability environment.

Transfer Risk The chance of diversifying sources of funding, which includes the liquidity strategy by gaining foreign capital market resources, involves the potential exposure to regulatory changes that may hinder or increase the cost of transferring currencies abroad in order to fulfill the liabilities assumed. The policy that manages the Risk of Currency Transfers Abroad

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM JANUARY 1, 2017 TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS) contributes to the liquidity strategy and aims at reaching a suitable balance between assets with local and foreign counterparts within a return-risk ratio that matches the Bank's business and growth needs.

Exposure to the Non-Financial Public Sector In order to regulate the exposure to the Non-Financial Public Sector, the Bank defined a policy which design contemplates risks exposure at national, provincial and municipal level and established limits to total and direct assistance for each jurisdiction.

Credit Risk Banco Galicia uses credit assessment and risk monitoring tools which allow for a streamlined, controlled management and promote a suitable portfolio diversification, individual as well as by economic sector; thus controlling its potential risk exposure. Strategically, the Bank has decided to acquire a deeper knowledge of its clients, by means of a specific policy that allows to advise them based on their funding needs and their assessed attributes, purposes and outlooks. The Bank’s credit approval and credit risk analysis is a centralized process based on the concept of “opposition of interests”. This is achieved through the existing division between the credit and the origination functions both in the retail and the wholesale businesses. This enables the Bank to achieve an ongoing and efficient control of asset quality, a preemptive management of problem loans, aggressive write offs of uncollectible loans, and a conservative loan loss provisioning policy.

Operational Risk Pursuant to the best practices and the guidelines issued by the Argentine Central Bank, the Bank has a Management Framework which includes the policies, practices, procedures and structures in place for a suitable risk Management. The Operational Risk is the risk of loss resulting from the lack of adjustment or failures within internal procedures, in staff procedures or in systems procedures or those resulting from external events. Includes the legal risk and excludes the strategic and reputational risks. The Bank manages the operational risk inherent to its products, activities and business processes. In turn, it manages the risks related to information the relevant information systems, technology processes and technological and data safety processes. The IT risk is the business risk related to each IT asset that may have a negative effect on the bank. To do so, the Bank checks the IT processes and data safety faults related to legal and regulatory compliance, project submission, operations, services and IT obsolete infrastructure. Finally, the Bank manages the risks derived from outsourced business activities and services rendered by suppliers. Besides, before launching or introducing new products, activities, processes or systems all related risks are duly assessed. Thus, the Bank has the necessary structure and resources to establish the operational risk profile and to adopt the corresponding corrective measures, in order to comply with the provisions set forth by the Argentine Central Bank on operational risk management in financial entities and operational risk databases.

A suitable Operational Risk management also contributes to improving the quality of service provided to our customers.

In compliance with the provisions of Communiqué “A” 5398 the securitization, concentration, reputational and strategic risks were identified as relevant and a methodology for the calculation and measurement thereof was developed. These risks were included in the Capital Self-Assessment Report within the framework of Communiqué "A" 5515.

Securitization Risk Securitization is an alternative source of funding and a mechanism for the transfer of risks to investors. However, securitization activities and the fast innovation regarding the techniques and securities used also bring about new risks including: i) Credit, market, liquidity, concentration, legal and reputational risks for securitization positions held or invested, including, among others, liquidity support and credit improvements granted; and ii) The credit risk related to the underlying asset of the securitization.

Concentration Risk Concentration is the exposure or groups of exposures with similar characteristics, such as corresponding to the same debtor, business, product or economic sector that may cause:

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM JANUARY 1, 2017 TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS) i) Losses significant enough, regarding the results, regulatory capital, assets of the global risk level, to affect the financial entity's soundness or its ability to carry out its main operations; ii) A significant change in the Bank's risk profile.

Reputational Risk The reputational risk is the risk related to a negative image of the financial institution as perceived by the customers, counterparts, shareholders, investors, debt holders, market analysts and other relevant market players that negatively affects the financial entity's ability to maintain its existing business relations or to establish new ones and to continue to have access to sources of funding such as the interbank or securitization markets.

Strategic Risk The strategic risk is the risk stemming from an unsuitable business strategy or an adverse change in provisions, parameters, objectives and other functions supporting such strategy. Despite the complexity of its estimation, financial entities must develop new management techniques including all related aspects.

Money Laundering risk As regards money laundering control and prevention, the Bank complies with the regulations set forth by the Argentine Central Bank, the Financial Information Unit and Law No. 25,246 as amended, which creates the Financial Information Unit within the scope of the Ministry of Economy and Public Finance. Said entity is in charge of analyzing, dealing with and transmitting the information received, in order to prevent asset laundering as well as terrorism funding. To do so, the Bank has control policies, procedures and structures that are enforced within a “risk based approach”, which allow monitoring transactions, pursuant to the "customer profile" defined on an individual basis based on information and documentation related to the customer's economic and financial condition in order to detect those transactions that must be deemed unusual and to eventually report them to the UIF, when appropriate. The framework for managing this activity is the Anti Money-Laundering Unit (“PLA”), which is in charge of implementing the control and prevention procedures, as well as its communication to the rest of the organization, through the preparation of the appropriate manuals and training of all employees. Also, this particular risk management is reviewed by internal audit. The Bank has appointed a Director as Compliance Officer pursuant to Resolution 121/11 as amended by the UIF who is responsible for ensuring the compliance and implementation of the procedures and obligations on the subject. The Bank contributes to the prevention and mitigation of the risks entailed in this criminal behavior by getting involved in the process of adoption of international regulatory standards.

In compliance with Communiqué “A” 5394, as amended, issued by the Argentine Central Bank, on a quarterly basis, the Bank posts on its website, (http://www.bancogalicia.com) a document called “Market Regulations” which contains information regarding the regulatory capital structure and sufficiency, exposure to different risks and management thereof.

NOTE 20 – CORPORATE GOVERNANCE TRANSPARENCY POLICY The Board of Directors is the Bank's highest corporate body. As of the date of these financial statements, it is made up of seven directors and three alternate directors who have the necessary knowledge and skills to clearly understand their responsibilities and duties within corporate governance and to act with the loyalty and diligence of good businessmen. The Bank complies with suitable standards as regards the total number of directors as well as the number of independent directors. Besides, its by-laws are flexible enough to adapt the number of directors, between three and nine directors, to the potential changes in the conditions the Bank performs under, between three and nine directors. The determination of the number and appointment of Directors, independent as well as non-independent, is the responsibility of the Ordinary Shareholders’ Meeting. Out of the seven Directors, two are independent. Also, one of the alternate Directors is independent. The concept of independence is set forth in the C.N.V. and Argentine Central Bank's regulations. As regards the prevention of conflicts of interest, the provisions of the General Corporations Law and the Capital Markets Law shall apply. Pursuant to the by-laws, the Directors as well as Alternate Directors hold office for three years, are renewed in thirds (or fraction no lower than three) each year and may be indefinitely reelected. The Board of Directors meets at least once a week and any time one of the Directors so requires and is responsible for the Bank's general management adopting all necessary decisions to that end. Also, the members of the Board of Directors

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM JANUARY 1, 2017 TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS) are, to a greater or lesser extent, also members of the Commissions and Committees created and are therefore constantly updated on the Bank's operations and are informed of the decisions made by said bodies, which is duly recorded in the minutes. In addition, the Board of Directors receives the monthly report prepared by the General Manager, which aims at communicating relevant issues and events dealt with in the different meetings between the Board and Senior Management. The Board of Directors is informed of said reports, which is recorded in the minutes. As regards Directors' training and development, the Bank has a program in place which is reviewed every six months under which they regularly attend courses and seminars of different nature and on different topics. The Bank's executives, including Directors, have up-to-date knowledge and skills and that the Board of Directors works in the most efficient manner to match its current dynamics. According to the activities carried out by the Bank, the legislation in force and corporate strategies, the following committees have been created in order to achieve an effective control of all the activities carried out in the Bank:

- Risk and Capital Allocation Committee. It is in charge of the approval and analysis of capital allocations, the implementation of risk policies and risk oversight for the Bank.

- High-amount loans committee. Its function is to approve and subscribe the ratings and granting of customer transactions and high-risk groups, i.e., above 2.5% of the Bank individual RPC, loans to financial institutions (local or foreign) and related customers, in which case the approval of 2/3 of the Board of Directors is required.

- Low-amount loans committee. Its function is to approve and subscribe the ratings and granting of customer transactions and medium-risk groups, equal to 1% of the Bank individual RPC.

- Assets and Liabilities Management Committee It is in charge of analyzing fund raising and asset placement, following up and controlling liquidity, interest rate and currency mismatches as well as managing said mismatches.

- Information Technology Committee This Committee is in charge of supervising and approving new systems’ development plans and budgets, as well as supervising these systems’ budget control. It is also responsible for approving the general design of the systems’ structure, of the main processes thereof and of the systems implemented as well as supervising the quality of the Bank’s systems within the scope of the policies set forth by the Board of Directors.

- Audit Committee. It is in charge of assisting the Board of Directors in its controlling function of the Bank and controlled and affiliated companies in order to reasonably ensure the following goals: • Operation effectiveness and efficiency; • Reliability of accounting information; • Compliance of applicable laws and regulations; and • Compliance of the goals and strategy set forth by the Board of Directors.

- Committee for the Control and Prevention of Money Laundering and Funding of Terrorist Activities It is the corporate body responsible for planning, coordinating, and promoting compliance with the policies established and approved by the Board of Directors on the subject.

- Committee for Information Integrity This Committee is in charge of promoting compliance of the provisions of the US Sarbanes-Oxley Act of the United States of America issued in 2002.

- Human Resources and Governance Committee.

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM JANUARY 1, 2017 TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS) It is in charge of presenting the successors of the General Manager and Area Managers and setting the compensation of the General Manager and Area Managers, monitoring the performance matrix for Departmental and Area Managers.

- Results Reporting Committee. It is in charge of monitoring and managing results and assessing the macro situation.

- Liquidity Crisis Committee. It is in charge of assessing the scenario in case of a liquidity crisis and deciding on the corrective measures to be implemented.

- Strategy and New Business Committee. It is in charge of the analysis of new business.

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

Retail Banking Division Wholesale Banking Division Financial Division Comprehensive Corporate Services Division Organizational Development and Human Resources Division Risk Management Division Credit Division Planning Division Customer Experience Division

The Senior Management's main duties are: - Ensuring the Bank's activities are consistent with the business strategy, the policies approved by the Board of Directors and the risks to be assumed. - Implementing the policies, procedures and controls necessary to sensibly manage operations and risks, meeting the strategic goals set by the Board of Directors and ensuring it receives relevant, complete and timely information that allows it to assess the administration and analyze if the duties assigned are effectively fulfilled. - Monitoring the different division managers consistently with the policies and procedures set forth by the Board of Directors and establishing an effective internal control system.

Basic proprietary structure

The Bank is controlled by Grupo Financiero Galicia S.A., which has full control over its shares and votes. In turn, the Bank has controlling interests in supplementary companies, as well as minority interests in companies controlled by their own controlling company. From the corporate standpoint, this structure allows the Bank to leverage relevant synergies that guarantee customer fidelity and additional business. All business relations with said companies, whether permanent or occasional, are carried out under normal, usual market conditions whether the Bank holds a majority or minority interest. The Board of Directors of Grupo Financiero Galicia S.A. subjects to the vote of the Shareholders' Meeting the sense of the vote to be granted, as controlling company, in the Bank's Shareholders' Meeting. That transparency and information system regarding the controlling and affiliated companies is applied in the Bank's Shareholders' Meetings which are attended by said companies' directors and officials, and where the Board of Directors provide detailed information on the Company's activities.

Business Conduct Policy and/or Code of Ethics

The Bank has a Code of Ethics formally approved that governs its policies and activities; it includes issues related to the objectivity of business and conflicts of interests and how the contributor must act before a breach of the Code of Ethics, giving notice to the Conduct Committee.

Information on personnel economic incentive practices

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM JANUARY 1, 2017 TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS)

The Human Resources and Governance Committee, made up of two Directors, the General Manager and the Organizational Development and Human Resources Manager, is in charge of setting forth the compensation policy for Banco Galicia personnel. It is a policy of Banco Galicia to manage overall compensations to its personnel based on the principles of equity, merit and justice within the framework of the regulations in force. Based on said policy, the Bank seeks to promote on an objective, fair basis, through the design and implementation of personnel's fixed and variable compensation management tools based on the magnitude, scope and complexity of the responsibilities inherent to each position, individual performance, contribution to results and matching to market values, in order to: a) -Attract and retain personnel with the necessary qualifications to attain the Bank's business strategy and goals. b) -Become a means of individual motivation. c) -Make decentralized management of compensations simpler. d) -Allow the efficient budgetary control of personnel expenses. e) -Ensure internal equity.

In order to monitor and ensure external and internal equity in the payment of fixed and variable compensations, the Compensations division uses and makes available to high management and the Human Resources Committee market surveys issued by specialized consulting companies pursuant to the market positioning policies set forth by management for the different corporate levels.

In order to guide people to obtain reachable goals that contribute to the Bank/Area global performance and to increase motivation for the collective attainment of goals, differentiating individual contributions, Banco Galicia has implemented different variable compensation systems:

1) Commercial incentives and or Commissions System for commercial divisions.

2) Annual Bonus System for managers, department heads and the remaining workers not included in the commercial incentives system. The Annual Bonus is estimated based on individual performance and the Bank's general results and is paid during the first quarter of the following fiscal year. In order to estimate high and middle management variable compensation, the Management Assessment System is used. It has been designed by including qualitative and quantitative KPI (Key Performance Indicators). In particular, quantitative KPIs are built based on at least three aspects:

a) Results. b) Business volume or size. c) Projection: these are indicators that protect future business (E.g.: quality, internal and external customer satisfaction, risk coverage, work environment, etc.).

Each indicator's level of impact is measured and adjusted on an annual basis according to the strategy approved by the Board of Directors. The interaction of these aspects seeks to provide consistency to between incentives based on results and growth and risk thresholds as defined by the Board of Directors. On the other hand, there is no differed payment of variable compensations based on future long term occurrences, taking into account that the business environment in the Argentine financial market is basically transactional with active and passive transactions with very brief terms to maturity. The annual budget and management control which are carried out on a monthly basis in general and on a quarterly basis in more detail, contain certain risk indicators and include the relation between compensations and risks assumed. The only instrument used to pay variable compensations is cash. There are not shares-based instruments. All policy changes are submitted to the Human Resources and Governance Committee for its consideration.

NOTE 21 - STATEMENT OF CASH FLOWS

The assets considered as cash and cash equivalents are: cash and due from banks and those assets held in order to fulfill short-term commitments, which enjoy a high level of liquidity, are easily convertible into known amounts of cash, are subject to insignificant changes in value and mature within three months from the date of their acquisition. The breakdown is as follows:

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM JANUARY 1, 2017 TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS)

09.30.2017 12.31.2016 09.30.2016 12.31.2015 (Unaudited) (Unaudited)

- Cash and Due from Banks 35,447,545 60,418,326 27,655,023 30,142,222

- Securities issued by the Argentine Central Bank 11,050,466 6,470,480 9,272,392 10,514,624

- Interbank loans (call money loans granted) 783,000 862,300 845,300 40,000

- Overnight placements in foreign banks 5,156,338 1,227,101 981,580 206,497

- Repo transactions with the Argentine Central Bank 2,114,771 - 5,323,695 14,286 and other entities in Pesos

Cash and cash equivalents 54,552,120 68,978,207 44,077,990 40,917,629

The following table shows the reconciliation between the items considered cash and cash equivalents and the corresponding Balance Sheet items: 09.30.2017 09.30.2016 12.31.2016 12.31.2015 (Unaudited) (Unaudited)

Securities issued by the Argentine Central Bank

- Due date under three months (*) 11,050,466 6,470,480 9,272,392 10,514,624

- Due date over three months 3,910,374 1,036,733 7,752,845 423,037

Total Securities issued by the Argentine Central 14,960,840 7,507,213 17,025,237 10,937,661 Bank

Loans

To the Financial Sector

Interbank loans (call money loans granted)

- Due date under three months (*) 783,000 862,300 845,300 40,000

- Due date over three months 233,797 - - -

Total Interbank loans (call money loans granted) 1,016,797 862,300 845,300 40,000

Other

- Overnight placements in foreign banks 5,156,338 1,227,101 981,580 206,497

- Prefinancing of exports 26,094,759 11,409,149 10,534,558 639,960

- Other loans 32,600 12,778 12,263 79,121

Total Others 31,283,697 12,649,028 11,528,401 925,578

Amounts receivable for spot to be settled and forward

sales

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM JANUARY 1, 2017 TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS) - Repo transactions with the Argentine Central Bank 2,114,771 - 5,323,695 14,286 and other entities in Pesos (*) - Other amounts receivable for spot sales to be settled 1,844,555 734,375 1,260,069 276,509 and forward sales Total amounts receivable for spot sales to be 3,959,326 734,375 6,583,764 290,795 settled and forward sales

(*) deemed a cash equivalent NOTE 22 – CONTINGENCIES a) Tax issues At the date of these financial statements, there are several review and assessment processes ongoing, at different progress stages, initiated by the provincial and Autonomous City of Buenos Aires' Tax Authorities basically in connection with the Compensatory Bond set forth by the National Government in order to compensate financial institutions for the losses resulting from the asymmetric pesification of loans and deposits. As regards this decision by the Autonomous City of Buenos Aires, within the framework of the legal actions initiated by the Bank in order to challenge the tax assessment, a preliminary injunction for the amount corresponding to the Compensatory Bond was granted by the Federal Chamber of Appeals on Administrative Litigation and ratified by the Supreme Court. Therefore, the Court instructed A.G.I.P. (Government Revenue Administration) to refrain from initiating the tax foreclosure or taking any precautionary measures in this regard until a final decision is made. The file is currently in process before the Federal Chamber of Appeals on Administrative Litigation in order to solve the appeal submitted by the Bank against the decision issued in November 2013 by the Court of First Instance regarding the merits of the case. In all events, it is important to highlight that the decision by the Chamber Federal Prosecutor was favorable to the Bank. As regards other claims by the Autonomous City of Buenos Aires, the Bank adhered to a Restructuring Plan for Tax Debt in Arrears (Law No. 3,461 and supplementary regulations) which included the total waiver of interest and fines. Said adherence was informed through the corresponding court records before the pertinent judicial authorities. As regards the decisions by the Province of Buenos Aires, within the framework of some discussion processes under the scope of the Provincial Taxation Court, the court: (i) denied the Bank's request as regards the concepts not related to the Compensatory Bond and (ii) favored its non-taxability character. Therefore, the Bank adhered to the Tax Debt Restructuring System (Regulatory Resolution No. 12 and related resolutions) that sets forth discounts on amounts not related to the Compensatory Bond. Said adherence was informed through the corresponding court records before the pertinent judicial authorities. In turn, the province of Buenos Aires challenged the decision by its Taxation Court as regards the Compensatory Bond and requested the Chamber of Appeals on Administrative Litigation at La Plata to render said decision ineffective. The Bank appeared and filed a motion to dismiss for lack of jurisdiction since it deems only the Argentine Supreme Court of Justice must settle this issue. On April 15, 2014 said court sustained the motion to dismiss for lack of jurisdiction and ordered all record to be closed. This sentence was appealed by the province of Buenos Aires before the provincial Supreme Court which, to date, has not made a decision on the matter. As regards other claims by the different jurisdictions, the Bank has been expressing its disagreement in relation to the adjustments set forth by the appropriate administrative and/or judicial authorities. These processes and the potential impacts thereof are being constantly monitored by the Bank's Management and although the Bank deems all of its tax obligations to have been complied in line with the regulations in force, provisions deemed suitable according to each process's status have been established.

b) Consumers' Associations Consumer associations claiming to represent consumers have filed claims against the Bank in relation to certain financial charges. The Bank deems the resolution of these issues shall not have a significant impact on its shareholders' equity.

NOTE 23 - DIFFERENCES BETWEEN ARGENTINE CENTRAL BANK AND GAAP IN FORCE IN THE AUTONOMOUS CITY OF BUENOS AIRES The Bank has prepared the attached financial statements following valuation and disclosure criteria established by the Argentine Central Bank regulations, which differ in certain aspect from the GAAP in force in the Autonomous City of Buenos Aires. Also, Bank has identified and quantified the effect on the financial statements stemming from the different valuation and disclosure criteria, except when the quantification cannot be performed due to impracticability.

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM JANUARY 1, 2017 TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS) The main differences between Argentine Central Bank regulations and Argentine GAAP in force in the Autonomous City of Buenos Aires are detailed below:

23.1 - ACCOUNTING FOR INCOME TAX ACCORDING TO THE DEFERRED TAX METHOD The Bank determines the income tax charge by applying the enacted tax rate to the estimated taxable income, without considering the effect of any temporary differences between accounting and tax results. Under Argentine GAAP in force in the Autonomous City of Buenos Aires, 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 fiscal credits that may be offset against future taxable income should be recognized as deferred assets, provided that taxable income is likely to be generated. The application of these criteria, based on the projections of the Bank, determines assets corresponding to the deferred tax as of September 30, 2017 and December 31, 2016 for $328,695 and $ 297,521 respectively.

23.2 - VALUATION OF ASSETS WITH THE NON-FINANCIAL PUBLIC AND PRIVATE SECTORS

23.2.1 - GOVERNMENT SECURITIES Argentine Central Bank's regulations set forth specific valuation criteria for securities recorded at cost plus yield, which are described in note 2 item 2.2.2.2.1.b) to the financial statements. Under Argentine GAAP in force in the Autonomous City of Buenos Aires, the above-mentioned assets must be valued at their current value. The differences resulting from the application of said valuation criteria are included in said note.

23.2.2 - ALLOWANCES ON THE NON-FINANCIAL PUBLIC SECTOR Current Argentine Central Bank regulations on the establishment of allowances provide that credits against the public sector are not subject to allowances for uncollectibility risk. Under Argentine GAAP, those allowances must be estimated based on the recoverability risk of assets.

23.3 - RESTRUCTURED LOANS AND LIABILITIES As of the previous fiscal year end, pursuant to the regulations issued by the Argentine Central Bank, the Bank recorded restructured loans and financial obligations 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 the 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 of the time value of money and the specific risks of such assets and liabilities at the time of restructuring.

23.4 – COMPAÑÍA FINANCIERA ARGENTINA S.A. AND COBRANZAS Y SERVICIOS S.A. CONSOLIDATION GAAP set forth than when investments in controlled companies are made for the sale of disposal thereof within a year, they must be excluded from the consolidation. Pursuant to the provisions of note 2.2.2.7, the Banco has accepted an offer for the purchase of all shares held in Compañía Financiera Argentina S.A. and Cobranzas y Servicios S.A., subject to the compliance of the conditions therein contained, among them the approval of the Argentine Central Bank. Pursuant to the Argentine Central Bank regulations, by holding a majority control, these companies are consolidated on a line-by-line basis with the Bank financial statements.

NOTE 24 – BALANCES RECONCILIATION WITH THE ACCOUNTING FRAMEWORK FOR THE ADHERENCE TO IFRS

The Argentine Central Bank, through Communiqué “A” 5541 and amendments thereto, has set forth the implementation of International Financial Reporting Standards (IFRS) except for the implementation of item 5.5 (deterioration) of IFRS 9

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM JANUARY 1, 2017 TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS) “Financial Instruments”. The Bank is under the process of adhering to said standards, which application shall be mandatory as from the fiscal year starting on January 1, 2018, being the first quarterly financial statements to be submitted pursuant to said standards are those for the 3-month period ended on March 31, 2018. Therefore, the Bank date of transition to the IFRS, as set forth in IFRS 1 “First implementation of the IFRS” is January 1, 2017. Consolidated financial statements have been prepared in accordance with disclosure and valuation accounting standards issued by the Argentine Central Bank regarding financial reporting requirements for the publication of quarterly/annual financial statement, which differ from the IFRS regarding measurement and exposure aspects. As required by Communiqué “A” 6206, below are the reconciliation of assets and liabilities and shareholders' equity balances estimated pursuant to Argentine Central Bank standards and those calculated pursuant to the IFRS as of September 30, 2017 and the reconciliation of comprehensive profits and losses as of said date. In that sense, the Bank, when preparing the reconciliation, has taken into account the IFRS it deems shall apply to the preparation of its financial statements as of December 31, 2018, as well as the provisions of Communiqué “A” 6114. Items and figures included herein are subject to change and shall only be considered final when the corresponding annual financial statements are prepared and the IFRS are applied for the first time.

Balances reconciliation with the accounting framework for the adherence to IFRS

A. Balances reconciliation and shareholders' equity as of September 30, 2017 (Separate Financial Statements)

Argentine IFRS Ref. IFRS Balance Central Bank Adjustment Assets 230,208,659 2,391,789 232,600,448

Cash and Due from Banks 35,447,545 35,447,545

Government and corporate securities (a),(g) 22,030,725 (2,272,110) 19,758,615

Loans (a) 139,159,038 (213,109) 138,945,929 Other receivables resulting from financial (a),(e),(f) 16,169,734 188,339 16,358,073 brokerage Receivables from Financial Leases 1,647,937 1,647,937

Equity investments (b) 6,675,493 643,014 7,318,507

Miscellaneous Receivables 2,272,077 2,272,077

Bank premises and equipment (c),(j) 3,517,780 5,259,116 8,776,896

Miscellaneous Assets 518,611 0 518,611

Intangible Assets (d),(j) 2,709,837 (1,213,461) 1,496,376

Unallocated items 59,882 59,882

Liabilities 206,141,331 (737,836) 205,403,495

Deposits 162,332,993 162,332,993

Other Liabilities Resulting from Financial Brokerage (a),(e),(g),(f) 34,250,603 (2,189,007) 32,061,596

Miscellaneous liabilities (a),(f),(i) 4,880,979 1,411,396 6,292,375

Allowances (f) 262,899 39,775 302,674

Subordinated Obligations 4,360,056 4,360,056

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM JANUARY 1, 2017 TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS) Unallocated items 53,801 53,801

1st IFRS Argentine IFRS IFRA Adjustment Central Bank Adjustment Balance (i) Total Shareholders’ Equity 24,067,328 3,247,215 (117,590) 27,196,953 Capital, Contributions and Reserves 18,905,877 18,905,877 Other comprehensive income/(loss) 284,182 (285,984) (1,802) Retained earnings 5,161,451 2,963,033 168,394 8,292,878

B. Comprehensive Income Statement as of September 30, 2017 reconciliation (Separate Financial Statements)

Argentine IFRS Ref. IFRS Balance Central Bank Adjustment Net Income/(Loss) for the period/year 5,161,451 168,394 5,329,845

Financial Income (a) 22,816,681 631,915 23,448,596

Financial Expenses (e),(a) 11,701,772 32,005 11,733,777

Provisions for Losses on Loans 1,791,102 1,791,102

Income from Services (j) 9,525,131 (349,754) 9,175,377

Expenses for Services (f) 3,754,067 (98) 3,753,969

Administrative Expenses (c),(d) 9,812,752 30,034 9,842,786

Other (b),(f) 1,801,332 (4,725) 1,796,607

Income tax (i) 1,922,000 47,101 1,969,101

Other Comprehensive Income/(Loss) 0 (285,984) (285,984)

Changes in the property, plant and equipment and 0 intangible assets revaluation surplus

Accrued actuarial profits or losses due to post- 0 employment benefit plans

Foreign exchange loss/gain due to financial states 0 conversion

Gains or losses on hedging securities - Cash flow 0 hedge

Gains or losses on hedging securities - Net 0 investment in foreign companies hedge

Gains or losses on financial instruments at reasonable value with changes in OCI (Items 5.7.5 (a) (285,984) (285,984) and 4.1.2A of IFRS 9)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM JANUARY 1, 2017 TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS)

Reasonable value change attributable to changes 0 the credit risk of liabilities. Item 5.7.7. a) of IFRS 9

Total Comprehensive Income/(Loss) for the 5,161,451 (117,590) 5,043,861 period/year

C. Balances reconciliation and shareholders' equity as of September 30, 2017 (Consolidated Financial Statements)

Argentine IFRS Ref. IFRS Balance Central Bank Adjustment Assets 262,425,496 (3,580,801) 258,844,695

Cash and Due from Banks 36,143,551 (338,910) 35,804,641

Government and corporate securities (a),(g) 22,264,018 (2,114,060) 20,149,958

Loans (a) 173,732,719 (6,230,462) 167,502,257 Other receivables resulting from financial (a),(e),(f) 17,925,337 (209,126) 17,716,211 brokerage Receivables from Financial Leases 1,447,883 0 1,447,883

Equity investments (b) 154,854 1,127,648 1,282,502

Miscellaneous Receivables 2,948,286 283,132 3,231,418

Bank premises and equipment (c),(j) 4,157,515 5,201,803 9,359,318

Miscellaneous Assets 531,647 (899) 530,748

Intangible Assets (d),(j) 3,059,472 (1,299,595) 1,759,877

Unallocated items 60,214 (332) 59,882

Liabilities 238,358,168 (8,477,932) 229,880,236

Deposits 164,448,855 (2,226,732) 162,222,123 Other Liabilities Resulting from Financial (a),(e),(g),(f) 60,041,746 (5,390,654) 54,651,092 Brokerage Miscellaneous liabilities (a),(f),(i) 7,195,963 1,036,930 8,232,893

Allowances (f) 572,719 (212,448) 360,271

Subordinated Obligations 4,360,056 0 4,360,056

Unallocated items 72,748 (18,947) 53,801

Minority Interests 1,666,081 (1,666,081) 0

1st IFRS Argentine IFRS Adjustment IFRA Balance Central Bank Adjustment (i)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM JANUARY 1, 2017 TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS) Shareholders’ Equity attributable to the controlling 24,067,328 3,247,215 (117,590) 27,196,953 company owners Capital, Contributions and Reserves 18,905,877 18,905,877 Other comprehensive income/(loss) 284,182 (285,984) (1,802) Retained earnings 5,161,451 2,963,033 168,394 8,292,878 Shareholders’ Equity attributable to non-controlling 1,402,007 365,499 1,767,506 interests Total Shareholders’ Equity 24,067,328 4,649,222 247,909 28,964,459

D. Comprehensive Income Statement as of September 30, 2017 reconciliation (Consolidated Financial Statements)

Argentine IFRS Ref. IFRS Balance Central Bank Adjustment Net Income/(Loss) for the period/year 5,161,451 168,394 5,329,845

Financial Income (a) 31,686,577 (1,769,112) 29,917,465

Financial Expenses (e),(a) 14,661,726 (755,105) 13,906,621

Provisions for Losses on Loans 3,737,053 (421,208) 3,315,845

Income from Services (j) 15,509,445 (668,741) 14,840,704

Expenses for Services (f) 4,636,486 (81,983) 4,554,503

Administrative Expenses (c),(d) 15,952,269 (1,072,843) 14,879,426

Other (b),(f) 154,813 161,345 316,158

Income tax (i) 3,201,850 (113,763) 3,088,087

Other Comprehensive Income/(Loss) 0 (285,984) (285,984)

Changes in the property, plant and equipment and 0 0 intangible assets revaluation surplus

Accrued actuarial profits or losses due to post- 0 0 employment benefit plans

Foreign exchange loss/gain due to financial states 0 0 conversion

Gains or losses on hedging securities – Cash flow 0 0 hedge

Gains or losses on hedging securities – Net 0 0 investment in foreign companies hedge

Gains or losses on financial instruments at reasonable value with changes in OCI (Items 5.7.5 (a) (285,984) (285,984) and 4.1.2A of IFRS 9)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM JANUARY 1, 2017 TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS)

Reasonable value change attributable to changes 0 0 the credit risk of liabilities. Item 5.7.7. a) of IFRS 9

Total Comprehensive Income/(Loss) for the 5,161,451 (117,590) 5,043,861 period/year (*) Total Comprehensive Income/(Loss) attributable to:

Total Comprehensive Income/(Loss) attributable to the controlling company owners 4,678,362

Total Comprehensive Income/(Loss) attributable to non-controlling interests 365,499

E. Adjustments explanation (a) Change in the classification criterion and measurement of financial assets and liabilities IFRS divide all financial assets into three categories: those measured at amortized cost, those measured at fair value with a balancing entry in other comprehensive income/(loss) and those measured at fair value with a balancing entry in income/(loss) based on the business model and instrument characteristics.

The Bank accounting policy under the Argentine Central Bank differs from the provisions of the IFRS in the following aspects:

i) Government securities not included in the volatility lists issued by the Argentine Central Bank are recorded at their incorporation value increased on an exponential basis according to their internal rate of return (IRR); ii) Loans are recorded at their incorporation value plus interests accrued at the rate contractually agreed upon; iii) Debt securities incorporated at par have been recorded at their technical value; iv) Financial trusts participation certificates, upon which the Bank has no significant influence nor control, have been valued taking into account the participation in the assets net of liabilities that stem from the financial statements of the respective trusts, corrected for the effect on them of the application of Argentine Central Bank regulations, when applicable. v) Negotiable obligations and debt securities without quotation have been valued at cost increased on an exponential basis according to their internal rate of return.

Pursuant to the provisions of IFRS 9, an entity shall classify financial assets into measured at amortized cost, at fair value with changes to other comprehensive income/(loss) or at fair value with changes to income/(loss), based on:

a)The entity business model used to manage financial assets and b)The characteristics of contractual cash flows of financial assets

Pursuant to the business model the Bank uses to manage financial assets, they have been classified into the following categories:

1) Amortized cost

The effect on the Bank equity and income/(loss) of the estimation of the amortized cost pursuant to the provisions of IFRS 9 for Loans, Other Receivables and Liabilities related to financial activity and according to NIC 17, for Receivables from Financial Leases implies a $183,349 and a $45,480 decrease, respectively.

2) Fair value with a balancing entry in other comprehensive income/(loss)

The Bank has classified within this category its holdings of government securities included in the assets of Financial Trust Galtrust I. The effect on the Bank equity and income/(loss) accounts for a $42,091 and a $292,092 respectively, and a decrease in Other Comprehensive income/(loss) of $285,984.

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM JANUARY 1, 2017 TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS) 3) Fair value with changes to income/(loss)

The Bank has classified the following financial assets within this category: Positions in government and private securities, in instruments issued by the Argentine Central Bank, in negotiable obligations bought and sold and certain investments in debt securities issued by financial trusts. The effect on the Bank equity and profit/(loss) on an individual level accounts for a $35,922 and a 5,613 increase respectively, while at a consolidated level, the effect is an increase of $35,922 and a decrease of $25,412 respectively.

(b) Equity investments

As of September 30, 2017, companies controlled by the Bank pursuant to the framework set forth by the Argentine Central Bank are the following: Tarjetas Regionales S.A. and its subsidiaries, Galicia Valores S.A., Compañía Financiera Argentina S.A. and Cobranzas y Servicios S.A.. Tarjetas Regionales S.A. and its corresponding subsidiaries such as Galicia Valores S.A. shall remain consolidated pursuant to IFRS 10 since they are under the scope of the concept of control set forth in said standard. When applying the equity investment method, the financial statements of each company as of December 31, 2016 and September 30, 2017 have been used. Shareholders' equities stemming from their financial statements have been corrected for the effect on them of the application of the IFRS. The adjustments effect account for a shareholders' equity and income/(loss) increase of $643,014 and $42,104, respectively. In the case of Compañía Financiera Argentina S.A. and Cobranzas y Servicios S.A. they are no longer consolidated under IFRS 10 since said companies have been classified as held for sale pursuant to IFRS 5, due to the fact that the respective transfer agreements have been subscribed and they have been valued at the lowest of their book value and their fair value less their cost of sale.

Pursuant to IFRS 1, the current value of Bank premises and equipment and of investment property has been adopted as a cost allotted as of the date of transition towards the IFRS. Pursuant to Argentine Central Bank regulations said assets are recorded at their historic value less their accrued amortization as stated in note 2.2.2.8. The adjustments effect accounts for a $4,937,640 increase in shareholders' equity and a $23,403 decrease in income/(loss).

(d) Intangible assets

Pursuant to the IFRS, intangible assets are identifiable, non-monetary assets without physical substance. In order to be recognized, the Bank must have control over them and said assets must generate future economic benefits. The adjustment effect accounts for a shareholders' equity decrease of $891,985 and an income/(loss) decrease of $6,631.

(e) Guarantees Granted

Under the IFRS, financial guarantees granted must be initially recognized at their fair value, which equals the commission collected in advance in most cases. Said amount is later amortized following the straight-line method for the duration of the contract. As of each closing date, financial guarantees are measured at the highest of: (i) the value of the unearned commission as of the period/fiscal year closing date and (ii) the best estimate of the amount payable to rescind the agreement discounted at is current value as of period/fiscal year end. Pursuant to Argentine Central Bank regulations commissions collected under financial guarantee agreements are charged to income/loss when collected. The adjustment corresponds to the recognition of unearned commissions on guarantees as of the closing date and the subsequent reversal of the charge to income/(loss) made under the Argentine Central Bank standards. The effect of adjustments corresponding to Guarantees Granted accounts for an increase in assets and liabilities of $164,087 and $166,624, respectively while the impact on income/(loss) accounts for a $2,069 decrease.

(f) Other adjustments

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM JANUARY 1, 2017 TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS)

Correspond mainly to labor, commercial and tax provisions as well as those related to the client loyalty program Quiero!. The adjustments effect accounts for a $113,898 increase in liabilities and a $46,731 decrease in income/(loss). Also, the exposure of holdings in negotiable obligations issued by the Bank has been adjusted for $84,909, since pursuant to IFRS 9, the repurchase of debt by the issuer settles the liability.

(g) Repo transactions

Reverse Repo Transactions Pursuant to the IFRS, financial assets acquired through reverse repo transactions for which risks and benefits have not been transferred, must be recognized as loans granted.

Under Argentine Central Bank standards, the security acquired is recognized upon the corresponding transfer. The adjustment corresponds to the government security derecognition recorded for $2,270,722, as well as the reversal of liabilities recorded under other liabilities resulting from financial brokerage for $2,270,722.

(h) Consolidation

Pursuant to the IFRS, an investor controls a subsidiary if he/she is exposed or entitled to variable returns according to his/her equity in said entity and if he/she is capable of affecting said returns through his/her authority over the subsidiary. The corresponding adjustment to equity investments corresponds to the consolidation of financial trust Galtrust I and the financial trust Saturno Créditos, which are deemed controlled pursuant to Argentine Central Bank standards.

(i) Miscellaneous liabilities

They correspond mainly to the adjustments for income tax and other liabilities. Pursuant to the IFRS, the charge for taxes for the period includes current and deferred taxes. Current income tax is calculated based on laws passed or substantially passed as of the date of the balance sheet. Differed tax is recognized pursuant to the tax liability method, due to the temporary differences stemming between assets and liabilities tax bases and the book value thereof recorded in the financial statements. However, differed tax liabilities are not recognized if they stem from the initial goodwill recognition; or the initial recognition of assets or liabilities from a transaction, other than a business combination, which at the time of the transaction does not affect the accounting result nor the tax income/loss. Deferred tax is estimated using tax rates (and laws) approved or about to be approved as of the date of the balance sheet and which are expected to be applicable when the differed tax asset is realized or when the differed tax liability is settled. Under Argentine Central Bank standards, the Bank recognizes the current tax for the fiscal year.

The tax effect of recognizing the deferred tax as of September 30, 2017 generates, individually, a deferred liability of $994,932, while at a consolidated level said adjustment accounts for deferred assets for $595,981 and deferred liabilities for $994,932.

(j) Reclassifications

For the purposes of this reconciliation, all reclassifications needed for a suitable disclosure pursuant to IFRS were not made.

As of period end, the main reclassifications identified in the balance sheet and the income statement are: Improvement of third-party real state Pursuant to Argentine Central Bank standards they are recorded under Intangible Assets. Pursuant to IFRS, said improvements are part of Property, Plant and Equipment. Therefore, $321,476 have been reclassified as premises and equipment. Commissions for loan origination Pursuant to Argentine Central Bank standards they are recorded under Income for Services. Pursuant to IFRS 9, said commissions are part of the cash flow necessary to estimate loans IRR. Therefore, $349,754 have been reclassified to Financial Income.

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM JANUARY 1, 2017 TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS) IFRS 1 IMPLEMENTATION

IFRS 1 allows entities implementing the IFRS for the first time to take into account certain one-time exemptions to the retroactive implementation of the IFRS in force as of the date of the financial statements as of December 31, 2018. Said exemptions have been foreseen by the IASB in order to simplify said standards first implementation.

Below are the optional exemptions applicable to the Bank under IFRS 1:

1. Cost attributed to Bank premises and equipment and miscellaneous assets: the current value of real state classified as Bank premises and equipment and miscellaneous assets have been adopted as cost attributed as of the date of IFRS implementation. Also, the Bank has used the option set forth in paragraph D5 of IFRS 1 and performed the measurement described therein only for certain Bank premises and equipment items.

2. Business combinations: the Bank has chosen not to apply IFRS 3 “Business combinations” in a retroactive manner for business combinations prior to the date of IFRS implementation.

3. Assets and liabilities of subsidiaries already implementing the IFRS: the Bank has adopted the IFRS for the first time after its subsidiary Tarjetas Regionales S.A and its corresponding subsidiaries. Therefore, the Bank has measured its consolidated financial statements, said subsidiaries assets and liabilities for the same book values that appear in the financial statements thereof. For the remaining equity investments the exemption set forth in paragraph D15b)ii) of IFRS 1 was used.

The Bank has not used any other exemption available in IFRS 1.

Mandatory IFRS exemptions

Below are the mandatory exemptions applicable to the Bank under IFRS 1:

1. Estimations: estimations made by the Bank under IFRS as of December 31, 2016, are consistent with the estimations performed as of the same date pursuant to the Argentine Central Bank standards taking into account the provisions of paragraph 4 of Communiqué “A” 6114 issued by the Argentine Central Bank regarding the non-implementation of item 5.5 of IFRS 9.

2. Derecognition of financial assets and liabilities: the Bank applied the criteria of derecognition of financial assets and liabilities under IFRS 9 prospectively; therefore, it does not include the assets and liabilities derecognized as of December 31, 2016.

3. Financial assets classification and measurement: the Bank has taken into account the facts and circumstances existing as of December 31, 2016 in its assessment of whether financial assets meet the criteria to be classified as measured at amortized cost or at fair value with changes to other comprehensive income/(loss).

4. Other mandatory exemptions set forth in IFRS 1 which have not been taken into account since they do not apply to the Bank are:

Hedge accounting. Non-controlling interests. Implicit derivatives. Government loans

NOTE 25 – PENALTIES APPLIED TO THE BANK AND SUMMARY PROCEEDING INITIATED BY THE ARGENTINE CENTRAL BANK

- Penalties applied to the financial institution as of September 30, 2017 Financial summary proceedings by the Argentine Central Bank No. 1308. Penalty notification date: October 28, 2013. Reason for penalty: alleged lack of compliance of anti-money laundering regulations, due to lack of files and client knowledge. Amount applied and penalized individuals (fines): the Bank $ 230.-; Daniel A. Llambías $ 220.-; Luis M. Ribaya $ 172.-; Antonio R. Garcés $ 169.-; Enrique M. Garda Olaciregui $ 126.-; Eduardo A. Fanciulli $ 126.-; Sergio Grinenco $ 120.-; Guillermo J. Pando

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM JANUARY 1, 2017 TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS) $ 120.- and Pablo Garat $ 70.-. State of proceedings: extraordinary appeal filed before the Argentine Supreme Court of Justice (CSJN), against the sentence by the Federal Chamber of Appeals on Administrative Litigation which rejected the appeal filed by the affected parties against the penalties applied. Accounting treatment: fines were fully paid and charged to income for the corresponding fiscal year. Financial summary proceedings by the Argentine Central Bank No. 1223 and 1226 (accumulated). Penalty notification date: November 15, 2013 Reason for penalty: alleged lack of compliance of Com. "A" 3426 and Com. "A" 3381 by the Argentine Central Bank and alleged lack of compliance of restrictions on assistance to related customers. Amount applied and penalized individuals (fines): the Bank $ 400.-; José H. Petrocelli $ 328.-; Luis M. Ribaya $ 328.-; Eduardo J. Zimmermann $ 324.-; Antonio R. Garcés $ 400.-; Eduardo H. Arrobas $ 400.-; Daniel A. Llambías $ 400.-; Eduardo J. Escasany $ 260.-; Federico Braun $ 260.- and Abel Ayerza $ 258.-. Messrs. Juan M. Etchegoyhen, Federico M. Caparrós Bosch, Jorge Grouman, Norberto R. Armando (deceased), Daniel Morgan (deceased), Luis O. Oddone, Ricardo A. Bertoglio (deceased), Norberto Corizzo and Adolfo H. Melian, received a warning. State of proceedings: on June 27, 2017 the Argentine Supreme Court of Justice rejected the extraordinary appeal filed and the penalties applied became final. Accounting treatment: fines were fully paid and charged to income for the corresponding fiscal year. Summary proceedings by the UIF File 68/09. Penalty notification date: February 25, 2010. Reason for penalty: alleged lack of reporting of suspicious transactions in alleged violation of Law No. 25246. Amount applied and penalized individuals (fines): the Bank $ 2.242.-; Eduardo A. Fanciulli $ 812.-; Enrique M. Garda Olaciregui $ 1.429.-. State of proceedings: Court I of the Federal Chamber of Appeals on Administrative Litigation partially recalled these penalties, thus releasing Mr. Eduardo A. Fanciulli from all liability and reducing the fines imposed. The UIF, the Bank and Mr. Garda Olaciregui, filed extraordinary federal appeals before the Argentine Supreme Court of Justice. Accounting treatment: As of September 30, 2017 and December 31, 2016 a provision of $ 4,483 was recorded.

- Summary proceeding initiated by the Argentine Central Bank (without penalty) as of September 30, 2017

Summary proceeding No. 6075. Penalty notification date: January 26, 2015. Charges: alleged violation of Com. "A" 4940, 4662 and "C" 51232 by the Argentine Central Bank during 8 foreign exchange transactions. Individuals involved: the Bank, Alejandro Antonelli, Sergio Lenzuen, Daniel B Toloza, Ignacio J. Castro, José A. Petracca, Juan C. Litardo, Laura C. Cifala, Marcela R. Skrebutenas, María J. Baldatti, María V. Lema, Marina A. de Sierra, Matías L. Alvarez, Matías N. Abate, María B. Troitiño, Natalia Bortoli, Alejandro Schlimovich Ricciardi and Sandra P. Jaleh Camin. State of proceedings: a defense statement and a motion for non-criminality of the act pursuant to the most lenient criminal law were filed. Both are under consideration of the Foreign Exchange Administrative Issues Department of the Argentine Central Bank. Summary proceeding No. 6669. Penalty notification date: December 29, 2015. Charges: alleged violation of Section 1° subsections C), e) and f) of Law No. 19359 integrated with Com. “A” 3471, 3826 y 5264 by the Argentine Central Bank. Individuals involved in the summary proceedings: the Bank, María José Baldatti de Iorio and Laura Cecilia Cifala. State of proceedings: a defense statement and a motion for non-criminality of the act pursuant to the most lenient criminal law were filed and are under consideration of the Foreign Exchange Administrative Issues Department of the Argentine Central Bank. Summary proceeding No. 6670. Penalty notification date: February 16, 2016. Charges: alleged violation of Section 1° subsections C), e) and f) of Law No. 19359 integrated with Com. “A” 5377 (amending item 3 of the Annex to Communiqué “A” 5264) by the Argentine Central Bank. Individuals involved: the Bank, María José Baldatti de Iorio, José Antonio Petracca and María Paula Petzl. State of proceedings: a defense statement and a motion for non-criminality of the act pursuant to the most lenient criminal law were filed. Both are under consideration of the Foreign Exchange Administrative Issues Department of the Argentine Central Bank. Summary proceeding No. 6988. Penalty notification date: August 25, 2016. Charges: alleged violation of Section 1° subsections C), e) and f) of Law No. 19359 integrated with Com. “A” 3471, 3825, 5264 y 5265 by the Argentine Central Bank. Individuals involved: María José Baldatti de Iorio, Laura Cecilia Cifala. State of proceedings: a defense statement and a motion for non-criminality of the act pursuant to the most lenient criminal law were filed. Both are under consideration of the Foreign Exchange Administrative Issues Department of the Argentine Central Bank.

NOTE 26 – SUBSEQUENT EVENTS

Corporate restructuring between the Bank and is controlling company (Grupo Financiero Galicia S.A.)

-Demerger-merger process of part of the Bank assets and incorporation thereof to Grupo Financiero Galicia S.A.

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM JANUARY 1, 2017 TO SEPTEMBER 30, 2017, PRESENTED IN COMPARATIVE FORMAT (FIGURES STATED IN THOUSANDS) After the closing date of these financial statements, the Bank Board of Directors has decided to start the corresponding procedures to carry out a restructuring process that consists mainly in separating part of the Bank equity made up of its holdings of Tarjetas Regionales S.A. shares, accounting for 77% of said company capital stock, to be added to the controlling company equity. These proceedings imply obtaining the corresponding corporate and regulatory authorizations.

-Capital increase irrevocable commitment

The Board of Directors of Grupo Financiero Galicia S.A. has decided to assume a capital increase irrevocable commitment for up to the amount of $7,000,000.-. Said increase shall be immediately and fully subscribed and integrated upon obtaining all regulatory authorizations necessary to proceed with the demerger-merger with Tarjetas Regionales S.A.

INFORMATION REQUIRED IN ADDITION TO THE NOTES TO THE FINANCIAL STATEMENTS – SECTION 12 OF GENERAL RESOLUTION 622/13 BY THE NATIONAL SECURITIES COMMISSION FOR THE PERIOD FROM JANUARY 1, 2017 TO SEPTEMBER 30, 2017 (FIGURES STATED IN THOUSANDS OF PESOS) NOTE 1: SIGNIFICANT SPECIFIC LEGAL SYSTEMS ENTAILING THE LAPSING OF CONTINGENT BENEFITS ENVISAGED BY THOSE REGULATIONS OR THEIR REBIRTH. None.

NOTE 2: SIGNIFICANT CHANGES IN THE COMPANY ACTIVITIES OR OTHER SIMILAR CIRCUMSTANCES THAT OCCURRED DURING THE PERIODS COVERED BY THE FINANCIAL STATEMENTS WHICH MAY HAVE AN EFFECT ON THEIR COMPARABILITY WITH THOSE PRESENTED IN PRIOR PERIODS, OR THAT SHALL BE PRESENTED IN FUTURE PERIODS. None.

NOTES 3 AND 4: CLASSIFICATION OF RECEIVABLES AND DEBT BALANCES BY CATEGORY - CLASSIFICATION OF RECEIVABLES AND DEBTS ACCORDING TO THEIR FINANCIAL EFFECTS Credit: see Schedule B – Classification of total credit according to status and collateral received, Schedule C – Concentration of credit and Schedule D – Breakdown of total credit according to maturity date, to the individual financial statements. Debts: see Schedule H – Deposit concentration and Schedule I – Breakdown by maturity date of deposits, Other Liabilities Resulting from Financial Brokerage and Subordinated negotiable obligations, to the individual financial statements.

NOTE 5: BREAKDOWN OF PERCENTAGE OF EQUITY INVESTMENTS – SECTION 33 OF LAW No. 19,550. See Note 14 to the individual financial statements.

NOTE 6: SALES RECEIVABLES OR LOANS GRANTED TO DIRECTORS, SYNDICS, MEMBERS OF THE OVERSIGHT COMMITTEE AND THEIR RELATIVES UP TO THE SECOND DEGREE.

The breakdown of credits or loans corresponding to Directors and Syndics and their relatives up to the second degree are included in Schedule N - Financial Assistance to related parties, which is part of the individual financial statements. Debt balances as of 09.30.2017 for said caption amount to $22,664, being the maximum assistance $22,877. Said assistance corresponds to funding granted under similar terms to the rest of the Bank's customers.

NOTE 7: PHYSICAL INVENTORY OF INVENTORIES. Non-applicable.

NOTE 8: CURRENT VALUES USED TO VALUE INVENTORIES, BANK PREMISES AND EQUIPMENT AND OTHER SIGNIFICANT ASSETS.

See Notes 2.2.2.8 and 2.2.2.9, and Schedule F – Bank premises and equipment and miscellaneous assets, and Schedule G – Breakdown of intangible assets in the individual financial statements.

NOTE 9: TECHNICALLY APPRAISED FIXED ASSETS. See Note 2.2.2.8 to the individual financial statements.

NOTE 10: OBSOLETE FIXED ASSETS. None.

NOTE 11: EQUITY INVESTMENTS.

There are no limitations pursuant to section 31 of law No. 19,550 since it is a Company which goals are financial and investment activities. NOTE 12: RECOVERABLE VALUES. See Note 2.2.2.8 to the individual financial statements.

NOTE 13: INSURANCE.

As of September 30, 2017 the breakdown of insurance policies taken on fixed assets was as follows:

INSURED RISK INSURED ACCOUNTING ASSETS COVERED AMOUNT VALUE General Banking Money, checks. 2,770,928 8,295,876 Liability. Real state, General construction machinery, liability; buildings and equipment, 9,938,092 3,908,299 assets including furniture and equipment and gensets. premises. Comprehensive Vehicles. insurance with excess 40,201 19,933 and liability insurance. Works of art. Theft, loss or damage. 22,837 1,665

NOTE 14: POSITIVE AND NEGATIVE CONTINGENCIES.

Elements used in calculating provisions, the total or partial balances of which exceed two percent (2%) of shareholders’ equity: See Notes 2.2.2.17, 2.2.2.19, 22 and 25 to the individual financial statements.

NOTE 15: CONTINGENCIES.

Contingencies which, at the date of the financial statements, are not of remote occurrence, the effects of which have not been given accounting recognition: See Note 25 to the individual financial statements.

IRREVOCABLE ADVANCES TOWARDS FUTURE SHARE SUBSCRIPTIONS.

NOTE 16: Status of capitalization arrangements. None.

NOTE 17: Cumulative unpaid dividends on preferred shares. None.

NOTE 18: Conditions, circumstances or terms for ending restrictions on the distribution of retained earnings. See Note 4 – Restrictions on the distribution of profits corresponding to the individual financial statements.

INFORMATIVE REVIEW AS OF SEPTEMBER 30, 2017 (FIGURES STATED IN THOUSANDS) Banco de Galicia y Buenos Aires S.A., founded in 1905, is one of the largest private-sector banks in the Argentine financial system and a leading financial services provider in the country. As an universal bank, and through different affiliated companies and distribution channels, offers a wide range of services to individuals as well as companies, and operates one of the most extensive and diversified distribution networks among private-sector banks in Argentina, offering 555 branches as well as 82 points of contact among Regional Credit Card Companies and Compañía Financiera Argentina S.A.

During the first nine months of FY 2017, the Bank recorded net income for $5,161,451, exceeding by $1,619,744 the income recorded during the previous FY, accounting for a 45.7% increase. The higher income compared to the same period of FY 2016 was, mainly, due to the $8,598,668 increase in net operating income (net financial income plus net income for services). This effect was partially offset, mainly, due to the increase in: i) administrative expenses for $3,837,795, and ii) loan loss provisions for $1,515,172.

Net operating income for the first nine months reached $27,897,810, with a 44.6% increase compared to the $19,299,142 recorded for the same period of the previous year. This positive evolution was due to higher net results stemming from: i) net financial income of $5,855,961, 52.4%) resulting from the increase in traded volumes during the period, offset by a decrease in the financial margin, ii) Net income from services of $2,742,707, 33.7%), the highlight being commissions on regional credit cards, deposit accounts and loans. Administrative loans totaled $15,952,269 with a total 31.7% increase. Personnel expenses increased by 30.4% mainly due to the salary increase agreed with the unions. The remaining administrative expenses totaled $7,260,663 exceeding by 33.3% those recorded during the same period of the previous fiscal year mainly due to higher tax, money transfers, maintenance and preservation, electricity and communication and security services expenses, as a consequence of the higher level of activity and the evolution of the costs related to the different services provided by the Bank. Loan loss provisions amounted to $3,737,053, exceeding by 68.2% those recorded during the same period of the previous fiscal year, mainly due to the evolution of individual past due loans and higher regulatory charges on the performing portfolio resulting from the increase in loans volumes.

Total funding to the private sector amounted to $198,579,987 with a 45.5% increase over the last 12 months and total deposits amounted to $164,518,363(*) with a 39.7% increase compared to the same period of the previous fiscal year. As of September 30, 2017, the Bank estimated market share of private-sector loans reached del 9.81% and that of private-sector loans reached 9.49%, while a year ago they were 9.73% and del 9.26%, respectively.

(*) See the "Level of Activity - Deposits" section hereof.

KEY BALANCE SHEET FIGURES/EVOLUTION OF THE CONSOLIDATED BALANCE SHEET 09.30.2017 09.30.2016 09.30.2015 09.30.2014 09.30.2013

(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Cash and Due from 36,143,551 28,288,980 17,465,797 14,470,156 9,660,319 Banks Government and 22,264,018 22,265,763 16,636,506 10,789,200 5,341,741 corporate securities Loans 173,732,719 118,953,941 82,837,363 61,564,695 49,754,862 Other receivables resulting from financial 17,925,337 16,835,392 10,412,561 6,591,529 5,027,248 brokerage Equity Investments 154,854 163,636 104,149 85,051 100,901 Bank premises and equipment, 7,748,634 6,013,740 4,648,082 3,406,950 2,839,788 Miscellaneous and Intangible Assets Other Assets 4,456,383 3,447,306 2,689,319 2,480,727 1,910,395

TOTAL ASSETS 262,425,496 195,968,758 134,793,777 99,388,308 74,635,254

Deposits 164,448,855 117,511,478 82,486,870 59,989,162 47,127,569 Other Liabilities 60,041,746 51,072,094 32,313,501 24,341,759 17,076,139 Resulting from Financial

INFORMATIVE REVIEW AS OF SEPTEMBER 30, 2017 (FIGURES STATED IN THOUSANDS) Brokerage

Subordinated Negotiable 4,360,056 3,837,014 2,301,945 1,968,903 1,432,988 Obligations Other 7,841,430 4,960,190 3,980,692 3,329,631 2,357,656

Minority Interests 1,666,081 1,234,103 945,616 694,216 506,251

TOTAL LIABILITIES 238,358,168 178,614,879 122,028,624 90,323,671 68,500,603

SHAREHOLDERS' 24,067,328 17,353,879 12,765,153 9,064,637 6,134,651 EQUITY TOTAL LIABILITIES AND SHAREHOLDERS' 262,425,496 195,968,758 134,793,777 99,388,308 74,635,254 EQUITY

KEY INCOME STATEMENT FIGURES EVOLUTION OF THE CONSOLIDATED INCOME STATEMENT'S KEY ITEMS 09.30.2017 09.30.2016 09.30.2015 09.30.2014 09.30.2013

(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)

Net financial income 17,024,851 11,168,890 8,458,834 7,239,056 4,879,377

Net Income from Services 10,872,959 8,130,252 6,252,805 4,558,391 3,471,492

Loan loss provisions 3,737,053 2,221,881 1,523,147 1,893,729 1,267,975

Administrative Expenses 15,952,269 12,114,474 8,843,344 6,471,649 5,285,829

NET INCOME / (LOSS) FROM FINANCIAL 8,208,488 4,962,787 4,345,148 3,432,069 1,797,065 BROKERAGE Other Net Miscellaneous 154,813 737,602 306,321 417,732 224,199 Income (*) Income Tax 3,201,850 2,158,682 1,785,568 1,526,000 790,566

NET INCOME/(LOSS) 5,161,451 3,541,707 2,865,901 2,323,801 1,230,698

(*) Includes Income/(Loss) from Equity Investments and minority interest.

CASH FLOW STRUCTURE 09.30.2017 09.30.2016 09.30.2015 09.30.2014 09.30.2013 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Funds generated by (used (16,136,323) (86,390) 4,785,433 2,573,948 1,180,798 in) Operating Activities Funds generated by (used (802,720) (1,045,428) (925,056) (206,809) (279,772) in) Investment Activities Funds generated by (used (379,839) 1,997,089 (857,452) (45,701) 695,767 in) Financing Activities Financial Income on Cash 2,532,323 2,844,073 580,992 1,532,449 532,356 and Cash Equivalents TOTAL FUNDS GENERATED OR USED (14,786,559) 3,709,344 3,583,917 3,853,887 2,129,149 DURING THE PERIOD

INFORMATIVE REVIEW AS OF SEPTEMBER 30, 2017 (FIGURES STATED IN THOUSANDS)

LEVEL OF ACTIVITY

EXPOSURE TO THE PRIVATE SECTOR 09.30.2017 09.30.2016 09.30.2015 09.30.2014 09.30.2013 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)

Loans 179,714,657 123,218,262 86,237,739 64,217,518 51,923,636 Receivables for financial 1,467,144 865,034 1,010,605 1,055,235 1,056,323 leases Private sector securities 1,305,235 814,872 855,124 628,045 634,078

Other Credits (*) 16,092,951 11,567,812 7,923,833 6,625,984 5,780,908

SUBTOTAL CREDIT 198,579,987 136,465,980 96,027,301 72,526,782 59,394,945

Assets Transferred to - - - 164,080 - Trusts

TOTAL CREDIT 198,579,987 136,465,980 96,027,301 72,690,862 59,394,945

(*) Includes certain items included in other receivables resulting from financial brokerage, guarantees granted and unused balances of loans granted.

DEPOSITS (*) 09.30.2017 09.30.2016 09.30.2015 09.30.2014 09.30.2013 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Pesos - Current Accounts 29,238,974 24,255,638 19,727,958 15,040,558 10,939,684 - Savings accounts 28,758,225 20,475,540 16,657,020 11,596,950 8,625,981 - Time Deposits 50,886,312 47,052,474 38,389,552 28,181,811 24,083,256 - Other 2,082,475 1,974,345 1,180,920 970,977 736,348 Foreign currency 53,552,377 24,028,695 6,628,904 4,251,350 3,127,913 TOTAL DEPOSITS 164,518,363 117,786,692 82,584,354 60,041,646 47,513,182 (*) Includes Bank and Compañía Financiera Argentina S.A. deposits, net of eliminations between said companies. Deposits from the remaining subsidiaries have not been eliminated. MARKET SHARE (%) 09.30.2017 09.30.2016 09.30.2015 09.30.2014 09.30.2013 (*) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Total Deposits 7.56 7.62 7.12 6.89 6.77 Private sector deposits 9.49 9.26 8.92 8.78 9.07 Total Loans 9.92 9.16 8.44 8.04 8.00 Loans to the private 9.81 9.73 9.10 8.74 8.69 sector (*) Banco de Galicia and CFA in the Argentine market based on daily information of deposits and loans prepared by the Argentine Central Bank. Balances as of month end. Includes deposits and loans by C.F.A. Loans and deposits include only capital. Excluding information related to regional credit card companies.

ADDITIONAL INFORMATION 09.30.2017 09.30.2016 09.30.2015 09.30.2014 09.30.2013 PHYSICAL DATA (amounts) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) PERSONNEL 11,348 11,662 11,805 11,698 12,526 - Banco Galicia 6,160 5,781 5,522 5,317 5,608 - Regional Credit Card Companies 4,073 4,688 5,072 5,346 5,767 - Cía. Financiera Argentina 1,111 1,189 1,205 1,026 1,129 - Other companies 4 4 6 9 22

INFORMATIVE REVIEW AS OF SEPTEMBER 30, 2017 (FIGURES STATED IN THOUSANDS) BRANCHES 555 536 525 526 523 - Banco Galicia 285 269 260 261 261 - Regional Credit Card Companies 207 210 207 206 203 - Cía. Financiera Argentina 63 57 58 59 59 OTHER PREMISES 82 126 126 126 127

- Regional Credit Card Companies 51 89 90 90 91 - Cía. Financiera Argentina 31 37 36 36 36

DEPOSIT ACCOUNTS (*) 4,421 3,990 3,394 2,948 2,812 CREDIT CARDS (*) 13,534 14,525 13,097 11,635 10,616 (*) In thousands.

RATIOS

LIQUIDITY (WITHOUT CONSOLIDATION) 09.30.2017 09.30.2016 09.30.2015 09.30.2014 09.30.2013

(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Liquid Assets (*) as a % of 57.27 78.23 75.28 79.13 68.45 Transactional Deposits Liquid Assets (*) as a % of Total 36.07 41.21 37.05 38.53 30.88 Deposits (*) Liquid assets include cash and due from banks, Lebac and Nobac, net call money, short term placements in correspondent banks, Argentine Central Bank, special escrow accounts and local market repurchase agreement transactions.

PROFITABILITY AND EFFICIENCY 09.30.2017 09.30.2016 09.30.2015 09.30.2014 09.30.2013 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)

Return on Average Assets (*) 3.09 2.89 3.59 3.68 2.64

Return on Net Average 32.04 30.33 33.96 38.88 29.92 Shareholders’ Equity (*)

Financial Margin (*) (1) 12.93 11.46 12.43 14.10 12.46

Income from services/ 38.97 42.13 42.50 38.64 41.57 Operating Income (2)

Income from services/ 68.16 67.11 70.71 70.44 65.68 Administrative Expenses

Administrative Expenses/ 57.18 62.77 60.11 54.86 63.30 Operating Income (2)

(*) Annualized. (1)Financial Margin: Financial Income less Financial Expenses divided by average interest-earning assets. (2)Operating Income: Net Financial Income plus Net Income from Services.

INFORMATIVE REVIEW AS OF SEPTEMBER 30, 2017 (FIGURES STATED IN THOUSANDS)

CAPITALIZATION (*) 09.30.2017 09.30.2016 09.30.2015 09.30.2014 09.30.2013

(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Minimum Capital Requirement 20,085,795 13,386,293 8,807,350 6,577,870 5,321,408 (A)

- Credit Risk 15,221,540 10,035,903 6,377,348 4,672,901 4,072,250 - Market Risk 884,377 398,087 250,302 245,190 35,091 - Operational Risk 3,979,878 2,952,303 2,179,700 1,659,779 1,214,067

Computable Capital (B) 27,439,199 20,343,001 12,674,534 9,366,106 6,731,642 - Level One Ordinary Capital 21,073,990 15,213,085 10,599,173 7,353,780 5,006,562 - Level Two Ordinary Capital 6,365,209 5,129,916 1,857,547 1,938,199 1,670,052 - Additional Computable - 217,814 74,127 55,028 Capital Market Variation DIFFERENCE (B) – (A) 7,353,404 6,956,708 3,867,184 2,788,236 1,410,234 REGULATORY RATIO (1) 11.20 12.45 11.51 11.39 10.12 (*) As from December 2015, the Argentine Central Bank set forth through Communiqué “A” 5831 that the calculation of the minimum capital requirement for credit risk shall be estimated based on the balances as of the last day of each month. (1) Full integration / assets weighted by risk (credit, market and operational).

OUTLOOK During the third quarter of the year global markets behavior followed the toing and froing related to the speed at which the US Federal Reserve (FED) shall raise the overnight rate. In this sense, in July the chances of an increase in the Fed funds rate increased, but as weeks went by and taking into account an inflation rate that does not seem to go towards the 2% annual rate target expected by the FED, said acceleration vanished in August. Towards the end of the quarter, the monetary adopted a more aggressive tone and therefore the market consensus expects a 0.25% rate increase for the FED meeting to be held in December.

In July, the International Monetary Fund published a review of its growth estimated in their WEO, projecting a sound recovery that seems to be more coordinated among the main world economies, while inflationary pressures are generally low.

Within that context, Argentina already covered a large part of the funding needs for the year. As regards the foreign exchange market, within a context of increasing demand for foreign currencies, flows coming from financial issuances constitute the main offer, which conveys a moderate volatility to the exchange rate. During the first nine months of the year, the monetary policy remained stringent, mainly through the interest rate levels. In this sense, we expect this policy tightening approach to continue until the disinflation path aligns with the Argentina Central Bank goals. As to taxes, after a year 2016 that was more expansive than expected, pluriannual and intra-annual goals set by the Ministry of Economy from this year until 2019 reflect a bigger focus on the goal of reducing public accounts deficit. In the short term, investment growth together with a moderate increase in actual salaries and better outlooks for exportations may foster economic growth.

INDEPENDENT AUDITOR'S LIMITED REVIEW REPORT

To the President and Directors of Free translation of an original version Banco de Galicia y Buenos Aires S.A. written and expressed in Spanish. Legal domicile: Tte. Gral. Juan D. Perón 430 Autonomous City of Buenos Aires C.U.I.T. N° 30-50000173-5

Introduction

We have performed a review of the accompanying interim financial statements of Banco de Galicia y Buenos Aires S.A. (hereinafter “the Bank”) which include the Balance Sheet as of September 30, 2017, the related Interim Income Statement, Interim Statement of Changes in Shareholders' Equity and Interim Statement of Cash Flows and Cash Equivalents for the nine month period thenended, and notes, comprising a summary of significant accounting policies and other explanatory notes. Furthermore, we have performed a review of the Bank´s consolidated interim financial statements for the nine month ended September 30, 2017, which are presented as supplementary information.

The amounts and other information for fiscal year 2016, and the related interim periods, are an integral part of the interim financial statements mentioned above and, therefore, shall be considered in connection with those interim financial statements.

Board of Directors responsibility

The Bank's Board of Directors is responsible for the preparation and presentation of the accompanying interim financial statements, in accordance with the rules prescribed by the Argentine Central Bank.

Scope of our review

We conducted our review in accordance with the procedures set forth by Technical Pronouncement No. 37 of the Argentine Federation of Professional Councils in Economic Sciences (F.A.C.P.C.E.) for the review of interim period financial statements, which are in line with the auditing standards issued by the Argentine Central Bank. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Argentine auditing standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion on the Company’s financial position, results of operations, changes in shareholders’ equity and cash flows and equivalents or on its consolidated interim financial statements.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements and the consolidated interim financial statements mentioned in the first paragraph of this report are not prepared, in all significant aspects, in accordance with the rules prescribed by the Argentine Central Bank.

Emphasis paragraphs

Accounting basis

Without changing our conclusion, pursuant to Note 23, the accompanying interim financial statements have been prepared in accordance with rules prescribed by the Argentine Central Bank. Such standards differ from the professional accounting standards in force. In such note, the Bank has identified and quantified the effect on the interim financial statements derived from the different measurement and disclosure criteria, except that the quantification cannot be made for impracticability reasons.

Supplementary information on the IFRS

As stated in Note 24 to the accompanying interim financial statements, the Bank is in the process of adopting the International Financial Reporting Standards (IFRS), which will be applicable to the fiscal year ending December 31, 2018. The items and figures included in the reconciliations contained in such note are subject to changes and may only be considered final upon the preparation of the annual interim financial statements as of the fiscal year in which IFRS are applicable for the first time.

Report on the compliance of regulations in force

As called for by the regulations in force, we report that: a) the interim financial statements of Banco de Galicia y Buenos Aires S.A. and its consolidated interim financial statements as of September 30, 2017 have been transcribed to the “Inventory and Balance Sheet” book and, insofar as concerns our field of competence, are in compliance with the provisions of the General Corporations Law, and pertinent resolutions of the Argentine Central Bank and the National Securities' Commission; b) the interim financial statements of Banco de Galicia y Buenos Aires S.A. arise from accounting record systems kept in all formal, in compliance with legal regulations; c) we have read the Additional Information to the Notes to the Financial Statements required by Section 12, Chapter III, Title IV of the National Securities' Commission, about which, insofar as concerns our field of competence, we have no observations to make; d) as of September 30, 2017 Banco de Galicia y Buenos Aires S.A.'s accrued debt with the Integrated Pension and Survivor’s Benefit System, which stems from Bank's own accounting records amounted to $104,015,884.23, which was not yet due at that date; and e) we have read the information included in Note 10 to the financial statements as of September 30, 2017 with respect to the requirements established by the National Securities Commission in relation to Minimum Shareholder's Equity and Contra-account; on which, we have no material observations to make.

Autonomous City of Buenos Aires, November 9, 2017.

PRICE WATERHOUSE & CO. S.R.L.

(Partner) C.P.C.E.C.A.B.A. Tº 1 Fº 17 Santiago J. Mignone Public Accountant (UBA) C.P.C.E.C.A.B.A. T° 233 F° 237

REPORT OF THE SUPERVISORY COMMITTEE

To the Directors and Shareholders of Free translation of an original version Banco de Galicia y Buenos Aires S.A. written and expressed in Spanish. Legal Domicile: Tte. Gral. Juan D. Perón 430 Autonomous City of Buenos Aires C.U.I.T. N° 30-50000173-5

1. We have performed a review of the attached financial statements for interim periods of Banco de Galicia y Buenos Aires S.A. (hereinafter “the Bank”) that include the Balance Sheet as of September 30, 2017, the related Income Statement, Statement of Changes in Shareholders' Equity and Statement of Cash Flows and Equivalents for the nine months ended on September 30, 2017, as a summary of all significant accounting policies and other information included in notes 1 to 26 and Schedules A, B, C, D, E, F, G, H, I, J, K, L, N and O, that supplement them. Furthermore, we have performed a review of the consolidated financial statements for interim periods of the Bank and its subsidiaries for the nine months ended September 30, 2017, together with Notes 1 to 11 and the consolidated statement of debtors’ status, which are presented as supplementary information.

Balances and other information corresponding to fiscal year 2016 are an integral part of the above-mentioned financial statements and therefore shall be considered in relation thereto.

2. The Bank's Board of Directors is responsible for the preparation and submission of the attached financial statements for interim periods pursuant to the accounting provisions of the Argentine Central Bank.

3. Our responsibility is to issue a conclusion on the documents detailed in paragraph 1, based on the examination we performed within the scope described in paragraph 4.

4. Our work was conducted in accordance with standards applicable in Argentina to syndics. Said standards require that the review of the documents detailed in paragraph 1 be performed in accordance with auditing standards applicable in Argentina for reviews of financial statements for interim period 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 Bank, Price Waterhouse & Co. S.R.L., who issued their limited review report on November 9, 2017 without qualifications. Said external auditors performed their reviews based in Technical Pronouncement No. 37 of the Argentine Federation of Professional Councils in Economic Sciences (FACPCE) for reviews of financial statements for interim periods and were in line with the audit standards issued by the Argentine Central Bank for limited reviews. A review of financial statements for interim periods mainly involves making inquiries to the Bank’s staff responsible for preparing the information included in the financial statements for interim periods and the performance of analytical procedures and other review procedures. The scope of these reviews is substantially more limited than that of an audit examination performed according to Argentine audit standards, therefore, a review does not allow us to be certain that we shall be informed of all significant issues that may be identified during an audit. Therefore, we do not express an opinion on the Bank’s financial condition, the results of its operations, changes in its shareholders’ equity and cash flows, nor consolidated financial statements.

Given that it is not our responsibility to exercise any management control, our examinations did not cover the business criteria and decisions of the different areas of the Bank, as these matters are the exclusive responsibility of the Bank’s Board of Directors.

We also report that in performance of the legality control that is part of our field of competence, during this period we have applied the procedures described in Section 294 of Law No. 19550 which we deemed necessary according to the circumstances, including, among others, the control of the setting up and subsistence of the Directors' escrow accounts.

We believe that our work provides us with a reasonable basis for our report.

5. Based on our reviews, within the scope described in item 4 above, nothing has stood out that would lead us to think that the financial statements for interim periods and the consolidated financial statements mentioned in the first paragraph hereof have not been prepared, in all significant aspects, pursuant to the Argentine Central Bank regulations.

In performance of the legality control that is part of our field of competence, we have no observations to make.

6. Without changing our conclusion, pursuant to Note 23, the attached financial statements have been prepared pursuant to the accounting framework set forth by the Argentine Central Bank. Said standards differ in certain aspects from the GAAP in force. In the above mentioned note, the Bank has identified and quantified the effect on the financial statements stemming from the different valuation and disclosure criteria, except when the quantification cannot be performed due to impracticability. Also, as stated in Note 24 to the attached financial statements, the Bank is in the process of adhering to the International Financial Reporting Standards (IFRS), which shall be applicable to the fiscal year to close on December 31, 2018. Items and figures included in said note are subject to change and shall only be considered final when the corresponding annual financial statements are prepared and the IFRS are applied for the first time.

7. Furthermore, we report that: i) the accompanying financial statements for interim periods stem from accounting records kept, in all formal aspects, in compliance with legal regulations prevailing in Argentina; ii) we have read the Additional Information to the Notes to the Financial Statements required by Section 12, Chapter III, Title IV of the National Securities' Commission regulation, about which, insofar as concerns our field of competence, we have no observations to make; being all forward-looking statements are the exclusive responsibility of the Board of Directors; and iii) we have read the information included in Note 10 to the financial statements as of September 30, 2017 with respect to the requirements established by the National Securities Commission in relation to Minimum Shareholder's Equity and Contra-account; on which, insofar as concerns our field of competence, we have no material observations to make.

Autonomous City of Buenos Aires, November 9, 2017.

Norberto D. Corizzo For the Supervisory Committee