Not applicable.

Not applicable.

Not applicable.

Not applicable.

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

During the course of the last decades, Argentina’s economy has been marked by a high degree of instability and volatility, periods of low or negative economic growth and high, fluctuating levels of inflation and currency devaluation. Grupo Financiero Galicia’s results of operations, the rights of holders of securities issued by Grupo Financiero Galicia and the value of such securities could be materially and adversely affected by a number of possible factors. Some of these factors include Argentina’s inability to achieve a sustainable economic growth path, high inflation rates, Argentina’s ability to obtain financing, a decline in the international prices for Argentina’s main commodity exports, fluctuations in the exchange rates of other countries (which affects local commercial competitiveness) and the vulnerability of the economy to external shocks.

During the past decade Argentina experienced economic stagnation as a result of unstable monetary, fiscal and economic regulatory policies. This, combined with a lack of institutional transparency, led to increasing inflation rates, lack of economic growth, currency instability and low investment levels, among others. As there will be Argentine Presidential and Congressional elections in 2023, additional risks may arise if new policies are implemented by the newly elected Government that further exacerbate the existing macroeconomic imbalances (as described herein). In addition to such possible new

As a result of the current state of the Argentine economy as described above and herein and the uncertainty regarding the Government and policies it may enact, the financial position and results of operations of private sector companies in Argentina, including Grupo Financiero Galicia, the rights of the holders of securities issued by such institutions and the value thereof may be negatively and adversely impacted.

Economic conditions in Argentina may deteriorate. In particular, a less favorable international economic environment, a decrease in the competitiveness of the Peso as compared to foreign currencies, low consumer confidence and low confidence from both local and foreign investors together with high inflation rates, among other factors, may affect the development and growth of the Argentine economy and cause volatility in the local capital markets. Such events may adversely impact Grupo Financiero Galicia’s business and financial condition.

In particular, the Argentine economy has proven to be and continues to be vulnerable to several factors, including:

We cannot provide assurance can be provided that a decline in economic growth or certain economic instability will not occur. Any stagnation, slowdown or economic and political instability could have a significant adverse effect on Grupo Financiero Galicia’s business, financial position and results of operations, and the trading price for its ADSs.

As of the date of this annual report, the impact that the reforms adopted by the Government will have on the Argentine economy as a whole, and the financial sector in particular, cannot be predicted. In addition, it is currently unclear what additional measures the current administration may implement in the future and what the effects of the same may be on the Argentine economy.

It is impossiblenot possible to predict the impact of these measures, as well as any present or future measures that may be adopted will have on the Argentine economy overall and the financial sector in particular.

Measures adopted by the Government or future measures implemented may be disruptive to the economy and may fail to benefit, or may harm, our business. In particular, Grupo Financiero Galicia has no control over the implementation of reforms to the regulatory framework that governs its operations and cannot guarantee that these reforms will be beneficial, will be implemented or that they will be implemented in a manner that will benefit its business. The failure of these measures to achieve their intended goals could adversely affect the Argentine economy and Grupo Financiero Galicia’s business, financial position and results of operations and the trading price for its ADSs.

Since 2007, Argentina has experienced increasing inflation rates. Moreover, between 2007 and 2015 official figures became unreliable and private estimates of inflation were more frequently used.

Specifically, the national statistics agency INDEC (Instituto Nacional de Estadística y Censos; “INDEC” for its acronym in Spanish), is the only institution in Argentina with legal power to produce official national statistics.

Despite the fact that, due to the reforms implemented in recent years,since 2016, current inflation rates calculated by INDEC are generally accepted, the possibility that they may be manipulated in the future cannot be ruled out. Any such future manipulation could affect the Argentine economy in general and the financial sector in particular.

In addition to concerns related to the trustworthiness of inflation figures, in the past, inflation has materially undermined the Argentine economy and the Government’s ability to generate conditions that fostered economic growth. In particular, high inflation rates or a high level of volatility with respect to the same, may materially and adversely affect the business volume of the financial system and prevent the growth of financial intermediation activity. This, in turn, could adversely affect economic activity and employment levels in Argentina.

Combined with high inflation rates, Argentina has also displayed high volatility in its currency valuation, as a consequence of local imbalances and external shocks. Both high inflation rates and high levels of volatility in the inflation rate affectimpact Argentina’s competitiveness abroad, as well as real salaries, employment rates, consumption rates and interest rates. A high level of uncertainty with regard to these economic variables, and lack of stability in terms of inflation, could lead to shortened contractual terms and affect the ability to plan and make decisions. This may have a negative impact on economic activity and the income of consumers and their purchasing power. All of the above could materially and adversely affect Grupo Financiero Galicia’s financial position, results of operations and business, and the trading price for its ADSs.

In the past, Argentina has had and Argentine companiescontinues to have had limited access to foreignexternal financing, in recent years, primarily as a result of a default in December 2001 by Argentina on itsand has had different debt torestructuring processes with foreign bondholders, multilateral financial institutions and other financial institutions. In September 2020, Argentina settled all of its outstandingrenegotiated debt terms with foreign bondholders. In March 25, 2022, Argentina and the IMF in 2006, carried outInternational Monetary Fund signed an arrangement under the Extended Fund Facility, whereby a variety of debt swaps with certain bondholders between 2004 and 2010, and reached an agreement with the Paris Club in 2014. After several years of litigation, on March 1, 2016, an agreementcredit line was reached between the Argentine government and certain creditors to which the Argentine government was previously in default.

Argentina has recently gained access to similarly situated bondholders, Argentina issued bonds in an amountadditional sources of US$16.5 billion, with interest rates between 6.25% and 8% and maturitiesfinancing, such as loans from the Development Bank of three, five, ten and thirty years. The payment of approximately US$9.3 billion to the bondholders was made on April 22, 2016, thus resolving the Argentine debt in default.

Notwithstanding the above mentioned recent but limited increased access to sources of financing, fromnew or more onerous regulations and restrictions that limit access to international markets. Followingfinancing for the exchange rate crisis beginningprivate sector could arise again in April 2018, however,the future. Such an event could have a negative impact on the Company's business, financial condition and results of operations. In addition, Argentina was not ablemay be unable to service its debt, may again be unable to access the international capital markets resulting in the Argentine government requesting a loan from the IMF (which was provided pursuant to a Stand-By Agreement in an amount equal to US$57 billion).

The Argentine economy’s reliance on the export of certain commodities, particularly soybeans and its by products, corn and wheat, has made the country more vulnerable to fluctuations in their prices. A decrease in commodity prices may adversely affect the Government’s fiscal revenues and the Argentine economy as a whole. Given its reliance on such agricultural commodities, the country is also vulnerable to weather events that may negatively affect production, reducing fiscal revenues and the inflow of Dollars derived from such exports.

In order to counterbalance and diversify its reliance on the above noted agricultural commodities as well as to add another source of revenue, Argentina has focused on increasing its oil and gas exports. A long-term decrease in the international price of oil would negatively impact such prospects and result in a decrease in foreign investment in such sectors.

Additionally, a significant increase in the real appreciation of the Peso could affect Argentina’s competitiveness. Such an increase could substantially affect the price (and thus attractiveness) of its exports, prompt new recessionary

From time to time the Argentine government has enacted several laws amending the regulatory framework governing a number of different activities as a measure to stimulate the economy, some of which have had adverse effects on Grupo Financiero Galicia’s business. Although a formerthe new administration eliminated some of these regulations, political and social pressures could inhibit the Argentine government’s implementation of policies designed to generate growth and enhance consumer and investor confidence.

No assurance can be provided that future regulations, especially those related to the financial system, will not materially and adversely affect the assets, revenues and operating income of Argentine private sector companies, including Grupo Financiero Galicia, the rights of holders of securities issued by those entities, or the value of those securities. The lack of regulatory foresight could impose significant limitations on activities of the financial system and Grupo Financiero Galicia’s business, and thus generate uncertainty regarding its future financial position and result of operations and trading price for its ADSs.

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

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

The monetary and fiscal policies implemented by the world’s leading economies, such as the US, China and the European Union have an affect on the Argentine economy through impacts on its interest rates, commodity prices and economic growth rates. Current higher interest rates in leading economies negatively affect emerging markets such as Argentina.

The economic activity of Brazil, one of Argentina’s main trade partners, also has an impact on Argentina’s economy. A depreciation of the Brazilian Real against the Dollar has in the past and would again in the future put additional pressure on the exchange rate for the Argentine Peso against the Dollar. Likewise, a weak economic performance from Brazil would affect Argentine exports, particularly in the case of industrial goods, many of which Argentina exports to Brazil.

Adverse climate conditions and events may also affect Argentina’s economy, either by negatively impacting the local harvest and thus reducing export volumes or by impacting other competing countries and affecting international commodities’ prices, which determine Argentine agricultural exports’ value.

The international financial environment may also result in a devaluation of regional currencies and exchange rates, including the Peso, which would also cause economic volatility in Argentina. A new global economic or financial crisis or the effects of deterioration in the current international context, could negatively affect the Argentine economy and, consequently, Grupo Financiero Galicia’s results of operations, financial conditions and the trading price for its ADSs.

The Argentine Peso depreciated 90.1%98.2 % as compared to the Dollar between December 31, 2016 and December 2022,April 3, 2024, according to the official quotation of the BCRA. If the Peso further depreciates against the Dollar, as has recently occurred

Additionally, the BCRA may intervene in the foreign exchange market to influence exchange rates. Purchases of Pesos by the BCRA could result in a decrease of its international reserves. A significant decrease in the BCRA’s international reserves may have an adverse impact on Argentina’s ability to withstand external shocks to the economy, and any adverse effects to the Argentine economy could, in turn, adversely affect the financial position and business of Grupo Financiero Galicia and its subsidiaries.

In order to control the depreciation of the Peso, on September 1, 2019 the Executive Branch introduced capital controls, which allows the BCRA to exercise control over the Peso and therefore to prevent the Argentine currency from depreciating. Throughout 2020, 2021, 2022 and 2022,2023, the capital controls initially imposed in 2019 were bolstered while additional restrictions limited personal and corporate access to foreign currencies in the official market. A further depreciation of the Peso could adversely affect the Argentine economy and Grupo Financiero Galicia’s financial condition, its business, and its ability to service its existing debt obligations. Moreover, an acceleration of inflation caused by an exchange rate crisis would raise the costs associated with Grupo Financiero Galicia’s subsidiaries servicing their foreign currency-denominated debt. All or any of the above which could increase Grupo Financiero Galicia’s costs and therefore have a material adverse effect on Grupo Financiero Galicia’s financial condition and results of operations and, thus, the trading value of its ADSs.

In the last two decades, different Argentine government administrations have established and implemented various restrictions on foreign currency transfers (both in respect of transfers into and out of Argentina).

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

Service of process upon individuals or entities which are not resident in the United States may be difficult to obtain in the United States. Grupo Financiero Galicia and its subsidiaries are companies incorporated under the laws of Argentina. Most of their shareholders, directors, members of the Supervisory Syndics’ Committee, officers, and some specialists named herein are domiciled in Argentina and the most significant part of their assets is located in Argentina. Although Grupo Financiero Galicia has an agent to receive service of process in any action against it in the United States with respect to its ADSs, none of its executive officers or directors has consented to service of process in the United States or to the jurisdiction of any United States court. As a result, it may be difficult to effect service of process against Grupo Financiero Galicia’s executive officers and directors. Additionally, under Argentine law, the enforcement of foreign judgments will only be allowed if the requirements in sections 517 to 519 of the National Code of Civil and Commercial Procedures or the applicable local code of procedures are met, and provided that the foreign judgment does not infringe on concepts of public policy in Argentine law, as determined by the competent courts of Argentina. As such, an Argentine court may find that the enforcement in Argentina of a foreign judgment (including a U.S. court) that requires payment be made by an Argentine individual to holders of its foreign currency-denominated securities outside of Argentina is contrary to the public policy if,

Historically, the Argentine government has played an active role in the electric power sector through the holding and management of state-owned companies engaged in the generation, transmission and distribution of electric power. To address the Argentine economic crisis of 2001 and 2002, the Government adopted regulations which made several material changes to the regulatory framework applicable to the electric power sector and distorted supply and demand in the sector. These changes included the freezing of distribution margins, the reversal of adjustment and inflation indexation mechanisms for tariffs, a limitation on the ability of electric power distribution companies to pass on to the consumer increases in costs and the introduction of a new price-setting mechanism in the wholesale electricity market, all of which had a significant impact on electric power generators and caused substantial price differences within the market.

The Macri administration began significant reforms in the electric power sector. As part of such reforms, the administration took actions designed to guarantee the supply of electric power in Argentina, instructing the Ministry of Energy and Mining to develop and implement a coordinated program to guarantee the quality of the electric power system and ration individuals’ and public entities’ consumption of energy by increasing tariffs.

However, between 2019 and 2022,2023, the tariffs that electrical power companies can charge were kept virtually unchanged. As such, the increasing costs incurred by these electrical power companies that are not covered by the current tariffs have been paid for using governmental subsidies. This use of governmental subsidies instead of increases in tariffs has led to an increase in the level of public spending by the Government. In recent months, tariffs began a gradual recovery process in order to reduce subsidies, and are expected to continue rising until the subsidy reaches zero for the majority of the population, which could have a material adverse effect on inflation and, thus, on Argentine consumers’ disposable income and the financial and operating performance of Argentine companies. A similar situation has occurred or has been in effect with public transportation, which up until the current government, had been continuously subsidized. As of the date hereof, gradual adjustments are expected until the ride fare paid by the user reflects the true value of the ticket. The reduction of subsidies on the ride fares could have a material adverse effect on inflation and, thus, on Argentine users real income and the financial and operating performance of Argentine companies. As a result, itsuch aforementioned changes could, in turn, affect Grupo Financiero Galicia’s financial condition and results of operations and the trading price of our ADSs as well.

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

For example, duringin the early monthsrecent history of 2019Argentina there have been strikes promoted by the union representing Argentine union that represents banking sector employees declared general strikes. Thesebank employees. Some of these strikes did not have a direct effect on banks (including our principal subsidiary, Banco Galicia) but did impact banks’ clients who were not able to access branches. Strikes such as the one that took place in 2019Such strikes can also lower the perception the public has of banks, which could have a reputational cost for Banco Galicia (the main subsidiary of Grupo Galicia) and, consequently, for Grupo Galicia. Labor movements are active in Argentina and can potentially lead to further strikes or work stoppages if demands are not satisfied, which could have a material and adverse effect on Grupo Financiero Galicia’s operations and operating costs.

There can be no assurance that the Argentine government will not adopt measures in the future mandating salary increases or the provision of additional employee benefits, or that employees or their unions will not exert pressure on companies, such as Grupo Financiero Galicia or its subsidiaries, in demanding the implementation of such measures. The implementation of any such measures could have a material and adverse effect on Grupo Financiero Galicia’s expenses and business, results of operations and financial condition and, thus, on the trading prices for its ADSs.

Since 2007, Argentina increased its spending to Gross Domestic Product (“GDP”) ratio to reach a maximum of 24% in 2015, quite above the ratio of the rest of the countries in the region. Between 2016 and 2019, a decreasing trend in expenditures was observed. However, in 2020 the spending-to-GDP ratio increased again, as the fiscal stimulus package implemented to deal with COVID-19 and the mobility restrictions resulting from COVID-19 put pressure on the fiscal balance and resulted in increased expenditures. In 2020, the primary deficit amounted to 6.5% of GDP and it was mainly financed by assistance from the BCRA. The primary deficit was reduced to 3.0% of GDP in 2021 and to approximately 2.5% of GDP in 2022. However, such reduction is insufficientthe primary deficit in 2023 increased to ensure debt sustainability.2.9% of GDP.

If the fiscal deficit is not reduced and debt financing is insufficient, the Government may be forced to continue its reliance on BCRA financing.

The lack of reduction in Argentina’s deficit could have a negative effect on the Government’s ability to access and incur the long-term debt in the financial markets, and in turn, could limit the access to such markets for Argentine companies, such as Grupo Financiero Galicia and its subsidiaries. The same may have a material and adverse effect on Grupo Financiero Galicia’s financial condition, results of operations and the trading price for its ADSs.

Argentina has a federal system of government with 23 provinces and the Autonomous City of Buenos Aires. Each of these, under the Argentine National Constitution, has full power to enact legislation concerning taxes. Likewise, within each province, municipal governments have broad powers to regulate said matters. Given that the bank branches of our primary subsidiary, Banco Galicia, are located in multiple provinces, we are subject to various provincial and municipal legislation and regulations that may vary from time to time. Future developments in provincial and municipal legislation concerning taxes, provincial regulations or other matters could have a material and adverse effect on Grupo Financiero Galicia’s expenses and business, results of operations and financial condition and thus the trading price for its ADSs could decrease.

In March 2020, the World Health Organization declared COVID-19 a pandemic. As a result, most countries adopted several measures to control the coronavirus, including the use of quarantine, lockdown and severe restrictions on the movement of their respective populations by certain air carriers and foreign governments. Variants of COVID-19 or anAn outbreak of another pandemic, or epidemics disease or similar public health threat could have material adverse effects on global economic, financial and business conditions, which could materially and adversely affect our business, financial condition and results of operations.

The long-term effects to the global economy and to Grupo Financiero Galicia of epidemics, pandemics and other public health crises, such as COVID-19, are difficult to assess or predict, and may include risks to employee’s health and safety, and reduce our business operations. Also, such long-term effects depend on several other factors which are uncertain (such circumstances may include further waves of infection, further variants of the Covid-19 virus, the lasting effects of vaccines, the global roll out of vaccination programs, the percentage of vaccinated population, possible lockdowns or other restrictions, and the speed and stability of the economic recovery, among others).

Epidemics, pandemics and other health crises, such as COVID-19, may negatively impact the business and operations of third-party service providers who perform services critical for our business. Furthermore, in such cases, the Government may impose certain measures such as travel restrictions, border closures and lock-downs, which may force us to set in place work from home arrangements for our employees and may also have a material impact on our ability to operate and achieve our business goals.

If the global and Argentine economies are unable to sustain the post-pandemic recovery, we may also experience higher default rates on our customer financing, liquidity shortfalls, and difficulties in our ability to service our debt and other financial obligations. We may also encounter difficulties in accessing the debt and capital markets and be forced to refinance pre-existing financing arrangements. Although the actual impact is impossible to assess, the occurrence of any of these events could have a material adverse effect on our operations.

Finally, it is unclear whether these challenges and uncertainties will increase or diminish, and what effects they may have on long-term global political and economic conditions. Moreover, we also cannot predict whether the recovery of the Argentine economy exhibited during 2022 can also be sustained during 2023. The impact of COVID-19 and other health crises could have a material and

The lack of a solid institutional framework governing contracts entered into by the Government and its agencies and allegations of corruption have affected and continue to affect Argentina. The International Corruption Perceptions and Transparency Index, which measures corruption in 180 countries, has ranked Argentina No. 9498 in 2022, 2 places higher than in 2021, but maintaining the same2023, with a score of 3837 points out of a possible 100. In addition, as of the date of this report, Argentina has been invited to join the Organization for Economic Cooperation and Development (OECD). However, if the country is not able to carry out the reforms and assume the commitments required by this organization, its membership could be rejected. Failure to to address these issues could increase the risk of political instability and distort the decision-making process, adversely affecting Argentina’s international reputation and the ability of its companies to attract foreign investment.

A deterioration in the Argentine reputation could have a material and adverse effect on Grupo Financiero Galicia’s financial condition and results of operations and, thus, on the trading price for its ADSs.

The Argentine economy is vulnerable to external factors. In this sense, most economies infactors the world (including Argentina and its main trade partners) were affected byArgentine government may adopt measures to protect the spread of COVID-19 during 2020 and 2021. The virus’

These measures, and any others the Argentine government mightmay implement in the future, could have had a negative and direct impact on the country’s economy, by reducing both aggregate supply and demand.

Higher uncertainty levels associated with an unexpected external shock, such as a global pandemic, could exacerbate the volatility of financial conditions, particularly in emerging markets, which could pose a threat to Argentina’s currency and financing availability.

Any of these potential risks to the Argentine economy could have a material and adverse effect on Grupo Financiero Galicia’s business, results of operations and financial condition and, thus, on the trading prices for its ADSs.

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

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

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

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

As a result of the 1999-2002 financial crisis (in which the Argentine economy fell 18.4%), the volume ofvarious economic crises, financial intermediation activity dropped dramatically:has declined in Argentina; private sector credit plummeted from 24% of GDPloans and deposits have fallen both in December 2000 to 7.7% in June 2004volume and total deposits as a percentage of GDP fell from 31% to 23.2% during the same period.GDP. The depth of the crisis and the effect it had on depositors’ confidence in the financial system created uncertainty regarding its ability to act as an intermediary between savings and credit.

There is no assurance that financial intermediation activities will continue in a manner sufficient to reach the necessary volumes to provide financial institutions, including Banco Galicia, with sufficient capacity to generate income, or that those actions will be sufficient to prevent Argentine financial institutions, such as Banco Galicia, from having to assume excessive risks in terms of maturity mismatches.

Under these circumstances and for an undetermined period of time, the (i) scale of the operations of Argentine-based financial institutions operating in Argentina, including Banco Galicia, (ii) volume of their business, volume, the(iii) size of their assets and liabilities or (iv) their income-generation capacityability to generate results, could be much lower than before the 1999-2002 crisis whichlimited and/or restricted, would may, in turn, impact the results of operations of Banco Galicia and potentially the trading price for Grupo Financiero Galicia’sGalicia's ADSs.

Due to the nature of the business and the size of our business, many of our computer systems and operations depend on services contracted from external suppliers. This prevents us from controlling, in depth, the operation and provision of such services. Performance or operational failures of outsourced services may result in operational losses or system failures, with subsequent negative impacts on our reputation, financial condition and results of operations and, in turn, on the trading price for our ADSs.

Our legal name is Grupo Financiero Galicia S.A. Our commercial name is Grupo Financiero Galicia or Grupo Galicia. We are a financial services holding company that was incorporated on September 14, 1999, as a sociedad anónima (which is a stock corporation) under the laws of Argentina. As a holding company we do not have operations of our own and conduct our business through our subsidiaries. Banco Galicia is our main subsidiary and one of Argentina’s largest full-service banks.

Naranja X is a commercial umbrella that is comprised of the operating subsidiaries of Tarjetas Regionales. Through it we provide proprietary brand credit cards, consumer finance and digital banking services to the underbanked population of Argentina. For further information, see Item 4. Information on the Company – A.1. History – iii) Naranja XTarjetas Regionales below.

Through Sudamericana HoldingsHolding and its subsidiaries, we provide insurance products in Argentina.

Through Galicia Securities and Inviu we provide financial, and brokerage related products as explained herein. In order to strengthen our financial and brokerage services in the region and in the United States market, we are working on establishing a new subsidiary “Galicia Holdings” in Miami, United States of America.

Through Agri Tech we provide a new set of products and services that offer payment and financing options and solutions oriented to the agricultural sector.

We are one of Argentina’s largest financial services groups with consolidated assets of Ps.3,371,638Ps.10,216,058 million as of December 31, 2022.2023.

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

We are domiciled in Buenos Aires, Argentina. Under our bylaws, our corporate duration is until June 30, 2100. Our duration may be extended by a resolution passed at the extraordinary shareholders’ meeting. Our principal executive offices are located at Teniente General Juan D. Perón 430, Twenty-Fifth floor, (C1038AAJ), Buenos Aires, Argentina. Our telephone number is (54-11) 4343-7528 and our website is www.gfgsa.com.

Our agent for service of process in the United States is CT Corporation System, presently located at 28 Liberty Street, New York, NY 10005.

On May 19, 2022, the Board of Directors of Grupo Financiero Galicia, within the framework of agricultural business, entered into an investment agreement for participating in Agripay S.A. as a strategic partner.("Agripay"). Agripay is a company linked to agricultural fintech oriented activities that, through a digital platform, facilitates grain transactions and electronic payments. An investment framework agreement was signed pursuant to which Grupo Financiero Galicia agreed to make an irrevocable contribution on account of a future capitalization. Said capitalization was finally made in September 2022, for thean amount of Ps.276,7Ps.276.7 million, (which, as adjusted for inflation, is equal to Ps.324.6Ps.1,010.7 million as of December 31, 2022)2023) and in return now holds the 15% of the equity of AgripayAgripay.

On October 11, 2023, Grupo Galicia acquired 99.43% of the share capital of Sudamericana Seguros Galicia (also known as Seguros Sura S.A., pending approval for change of name by the Superintendence of Insurances, hereinafter "Sudamericana Seguros Galicia"), an insurance company that has insurance solutions and services for individuals and families, SMEs, large companies and the agricultural segment, served by a wide network of insurance advisory producers. On September 21, 2023, the National Insurance Superintendency approved the operation, and as a consequence, on October 11, 2023, it was carried out through the transfer of 4,512,697,946 ordinary shares with a nominal value of $1 (expressed in pesos) and with the right to one vote per share, representing 99.43% of the capital and votes of Sudamericana Seguros Galicia. Finally, on October 30, 2023, the General Shareholders' Meeting of Sudamericana approved an increase in share capital for Sudamericana through the capitalization of the capital adjustment account and the issuance of new shares. After said approval, the percentage of Banco Galicia's participation on Sudamericana amounts to 9.61% and the participation of Grupo Financiero Galicia amounts to 90.39%.

The Retail Segment is made up of all clients, individuals and legal entities, with an annual turnover of up to Ps.900Ps.3,000 million. This segment serves some 3.5 million3,523,262 customers, of which 3.1 million aregrouped by individuals with no business activity 320,000 areand individuals with business activity, and 100,000 are small and medium enterprises.activity.

The Retail Segment works to achieve the following objectives:

During 2022,2023, Banco Galicia continued working on satisfying new needs, developing new functionalities in service channels, with special emphasis on digital channels, and adopting cutting-edge technologies to improve the experience and day-to-day life of its customers. Among the initiatives developed, the following stand out:

All of the aboveIn this way, Banco Galicia's investment product and technology strategies and improvements, which arefocus focused on turning Banco Galicia intobecoming an increasingly self-managed and digital bank, resulted ingenerating an increase in transactions and interactions during 2022 as compared to 2021.

Clients inWithin the Retail Segmentsegment of individuals without commercial activity, clients are divided ininto one of the following clusters according to the type of services they are provided, as further described below:service models:

As a way of staying close to its customers and adding value to their day-to-day activities, Banco Galicia organizes and holds informative events and talks led by renowned speakers on different topics of interest, such as politics and the economy. At the same time, continuing its work on financial education and customer protection, the Bank expanded content related to financial tools and cybersecurity.

In the particular case of MOVE, although this cluster initially focused on university students/young professionals or other "independent" customer profiles, today it is a 100% free digital proposal that is fully open to anybody who wants to be a client (without age limits). For our MOVE customers, the vertical gamingkey concepts such as immediacy and digital education proposalssimplicity stand out, with alliancesand the featured products are (i) savings account in E-sportsPs. and Coderhouse (an institution that offers programming courses, among others) to provide Banco Galicia's clients with unique experiencesUS$ (meeting certain conditions) and access to quality training for digital skills with exclusive discounts.(ii) debit cards.

In addition, during 2022,With the purpose of improving the daily lives of more people, Banco Galicia repositioned "Buenos Negocios", a brand used within the NyPsworks to accompany and enhance businesses and SMEs cluster, by organizingbeing allies in their business and holding several meetings, events, talks and courses led by renowned speakers on different topics of interest to its customers, offering its clients business networking opportunities and introducing them to valuable financial tools and services. These events were attended by more than 25,000 attendees overall, includingroutines. For businesses, entrepreneurs and SMEs.

Additionally, for SMEs whose clients are other companies, Banco Galicia offers solutions to strengthen the value chain, for example (i) via the “valued partners” line that strengthens both buyers and suppliers, allowing buyers to be financed at a fixed and single rate in financing from the +B Line.market through its suppliers, who will in turn collect cash sales, and (ii) with specialized advisors in Foreign Markets so that they can search for new markets and financial support with nearby officials.

Clients in the Wholesale Segment are divided by the type of services that they are given in the following clusters as described below:

Through its app, digital channels and more than 140 branches throughout the commercial platform of Naranja X, Grupo Financiero Galiciacountry, offers financingan agile, efficient and digitalpersonalized experience so that people can make transactions, pay for services, manage their cards, and enjoy exclusive promotions and access to low-loans and medium-income customer segments in Argentina. In addition, through Banco Galicia, Grupo Financiero Galicia also offers credit cards to customers in Argentina.insurance.

In terms of saving accounts, during 2023 Naranja X will continuehas registered a 135% growth, with more than 2.7 million active account users. Additionally, a total of 64% of those active users (equal to rely2.4 million users) decided to activate the option to receive interests from the balances in their bank accounts, for which they receive daily interest on its strategic pillarthe average balances they have in their accounts. Around 74% of “Organizational Culturethe users make wire transfers in and/or out every month, at an average of 21 transactions per user a month. The issuance of physical debit cards reached 1.4 million, while virtual cards

As far asIn relation to loans, are concerned, the same 10 banks appear in the top positions, with the exception of Credicoop replaced by Banco Patagonia.Ciudad. These banks hold 78%77% of total loans in the Argentine financial system.

Grupo Galicia’s subsidiaries interact with their customers through a variety of marketing channels, which include digital tools and physical branches, tailored to meet specific customer needs.

The strategy of the customer service model of Grupo Financiero Galicia is aimed at allowing its customers to access Grupo Financiero Galicia’s companies services (e.g. Banco Galicia, Naranja X and Galicia Seguros, among others) through all the service channels provided, which allows customers to operate in differentboth assisted channels, both digital and self-managed and automatic banking, too.channels, but always focusing on digital channels as well.

During 2023, Naranja X’sX developed an "always on social media" content strategy to continue strengthening digital communities on Instagram, Facebook and Twitter. The main components of this content were:

In keeping with the current context in Argentina, Naranja X focused its strategy on financial education, always with a friendly and accessible tone. Based on the content of the date hereof, these are some"Hablemos de plata" blog, the platform shares simple tips and ideas for everyday money management. On social networks, the blog added the possibility of Grupo Financiero Galicia’s (or its subsidiaries) digitalgenerating a back-and-forth with the audience, through interactive stories and self-managementpublications that invite comments from the public.

Banco Galicia has the following indirect channels:

Galicia App is the mobile online banking app for Banco Galicia. It allows clients to manage their day-to-day banking needs in one place, enabling them to send and request money transfers, make payments with a QR code, withdraw cash without a card, pay for services, request loans, make investments, purchase insurance coverage and control their expenses. In 2022,

During 2023, Banco Galicia implemented the app was used by more than 2 million clients, averaging 63 million monthly logins. In addition,following functionalities in the Galicia App continued to offer functionalities such as contactless payments for Visa and Mastercard, display of outstanding installments and reporting of lost or stolen cards.App:

Online Banking: this is a web-based online platform that Banco Galicia offers to clients in its Retail Segment.Segment "(Online Banking"). Through this platform, clients can pay services, make transfers, view and download account transactions, consult their available credit cards, apply for personal loans, invest in Fima Funds and apply for insurance. In 2023, Online Banking added the ability to open a savings account denominated in US dollars online, without having to go to a branch.

Office Banking is a web-based online platform that Banco Galicia offers to clients in its Wholesale Segment.Segment ("Office Banking"). Banco Galicia has promoted self-management, and the Office Banking platform allows companies to carry out a credit assessment of themselves with just one click. The Office Banking platform both through its web and mobile versions, offers the Bank's clients the ability to manage their businesses from any location.location, both through its website and mobile versions. Banco Galicia continues to make technological improvements to offer more robust solutions to companies and add new functionalities to the Galicia Office App.

In 2022, more than 110 thousand2023, with the intention of continuing to improve its customers' daily lives, Banco Galicia:

The main objective of the wholesale help section is to be a self-managed response channel for the client's need for updated information on the use of Office Banking products and operation.

During 2023, Banco Galicia added new functionalitiesworked on a minimum viable product (MVP) that allow customers to (i) accessintegrates chat help within the App and Office Banking, so that Banco Galicia's customers' frequently asked questions can be resolved in conversation mode in a more intuitive way, and accompanying the client in their credit rating online to know the lines and amounts of financing available to them, (ii) issue electronic checks 24 hours a day and (iii) make use of 100% online payment solutions.navigation.

Gala, is the name of Banco Galicia’sGalicia's virtual assistant. It is featured in five different channelson WhatsApp, Facebook, Online Banking and it functions 24x7. Gala was designed to answer customer and non-customer inquiries, providing information on more than 200 topics related to products, services, password management and Quiero! Points, among other things. It also allows the customer to know the status of the shipment of products. This virtual assistant is prepared to transfer clients to a bank official at the digital call center whenever it fails to understand what the person is trying to ask. In 2022, Banco Galicia added new features to Gala in order to further digitize customer related interactions and inquiries, such asgalicia.ar site. The procedures that can currently be carried out are: PIN restoring, balance display, display of transaction limits and available balances on credit cards, display of latest checking account movements, provision of latest account PDF summaries/extracts, CBU and Alias (which codes are used to identify a person's account) consultation and proof, consultation of closings and expirations, card replacement, resolution of foreign trade transfer status inquiries, display of Delivery Status of cards, card redemption and card delivery between branches and resolution of FIMA fund balance inquiries.

Galicia Seguros added more sales and after-sales procedures to their BOT "Laia", such as requesting a policy, scopes of coverages, lodging complaints for losses and additional services. Galicia Seguros,Not only did self-management improve, but it also began to run loyalty campaigns.

Banco Galicia focuses on financial educationhas a network of self-service terminals designed to offer a differentiated banking experience to its users. Using self-service terminals, Banco Galicia's clients can make deposits, integrated collection payments, and awareness about cybersecurity. Every month it conducts social listening in ordermoney withdrawals with a different limit than for the limit for non-clients, and without having to listen touse the concerns raised by the audience and has noted the high interest in content related to all aspects of sustainability, which encouragesDebit Card, only using Galicia Token.

In addition, Banco Galicia to always have sustainability related matters on its schedule.

Additionally, Banco Galicia partnered with Agrotoken, which allowed it to be the first bank to take grain tokens as collateral to provide financing to producers. Also, a strategic alliance was generated with Potenciar SGR which became a pioneer in the banking system, managing the administration of Leasing:a risk fund of a Reciprocal Guarantee Company.

During 2023, 297,000 clients were financed with the loans offered by Banco Galicia, relaunchedwhich represents an increase of more than 100,000 clients compared to 2022.

In relation to the Productive Line, Banco Galicia managed to meet the 2023 goals, reaching more than 4,000 clients and placing more than Ps.130,000 million between all financing products for companies. In addition, the Bank made the Productive Line available for the SGRs in its Leasing line for SMEs and Companies, with a 100% digital proposal and a simplified after-sales service.express mode.

Additionally, Naranja X offers pre-approved personal loans with minimum requirements in a 100% digital way, which loans are credited on the spot through the Naranja X app or at branches. The loans have no delivery cost, do not affect the available consumption, and are paid in fixed installments and in Argentine pesos.

Finally, Grupo Financiero Galicia promotes a triple impact business model through which it enhances its role in sustainable development, which begins with the design and implementation of products that contemplate the social and environmental aspects of the projects that are financed, thus focusing on financial inclusion, climate change, diversity, social investment, and impact investment. The following chart highlights certain products offered by this area and the impact in 2022.2023.

The companies of Grupo Financiero Galicia respond to the needs of their customers with an outstanding offer of services and benefits of credit and debit cards.

Banco Galicia responds to the needs of its clients with an outstanding offer of services and benefits provided through its Galicia Credit and Debit Cards. Banco Galicia offers Visa, Mastercard and American Express cards, and they are offered to clients of all tribes. Some of the products offered are the International, Gold, Platinum, Black/Signature cards, which feature different consumer financing options and exclusive promotions for all their clients.

In 20222023, Banco Galicia added more than 10incorporated new innovative features to facilitate the customer experience with credit and debit cards focusingwith a focus on self-management and digital channels with new operationaloperations functionalities. These innovativeThe following features include:are relevant:

Since Banco Galicia wants their customers to feel safe when carrying out their daily transactions and not depend as much on the physical wallet, it is possible for them to access MODO from the Galicia App and make payments with a QR code in affiliated stores, as well as making transfers to cell phone contacts with no need to request a CBU or Alias code.

A Traditional Fixed Term is one in which an amount of transaction products.money is delivered to the financial institution, either in pesos or dollars, for a predetermined time and, consequently, monetary compensation is received in the form of interest. Such compensation is set at the time the Fixed Term is constituted.

In 2023, to accompany the 24x7 banking model, Banco Galicia implemented the possibility of requesting the creation of a fixed term from online banking and the retail app at any day and time.

Banco Galicia offers its customersclients the following products: Government Securities and Corporate Securities, Shares and Argentine Certificatespossibility of Deposit (Certificado de Depósito Argentino, CEDEAR), Surety, Mutual Funds (Fima), Discount of Checks/Promissory Notes, Primary Issuances and Custody. Additionally, it offers services related to structured solutions: temporary liquidity, rate and currency hedging, customized solutions for holdings and subsidiaries, synergy between shareholders’ accounts and controlled companies.

This productThe custody of securities consists in the provision of settlement and custody services for securities traded in the local and international markets by Banco Galicia's customers. Banco Galicia acts as sub-custodian in the local and international

Banco Galicia implementedoffers the possibility of buying and selling dollar bills through Online Banking and Galicia's app from 9 a.m. to 10 p.m.

The Assets Under Custody as well as the experience of its customers. By wayDecember 31, 2023, amount to Ps.1,036,415 million.

For financial advisors, it offers financiala web platform and stock marketconsulting services to individuals, companiesscale their operations. Through direct agreements with major global players and financial institutions. It isthe selection of funds from both local and international markets, Inviu expands the investment options available to their clients, ensuring they have access to the best investment opportunities.

For investors, Inviu ensures the investment experience they are seeking: comprehensive advisory services from their advisors, along with an agent of BYMA, MAE, MAVapp and performs CIDA services. This relatively new company is already occupying leading positionsweb platform where they can view their local and international portfolio.

During the year 2023, Inviu began its expansion process in the Fixed Income market, givenregion. Today, it has advisors in 10 countries across Latin America, with offices in 2 of them (Argentina and Uruguay).

To continue developing the fact that it ranked secondB2B2C channel, Inviu added to its service suite: direct account opening in Pershing, HR and marketing consulting.

During the year 2022,2023, Banco Galicia continued to strengthen its position in the Argentine Capital Markets and Investment Banking sector by structuring various financial products that were specifically tailored for Corporate, SME, and Agricultural companies.

As of CBONDS among the main bookrunners and underwriters of the market. The Bank participated in over 120 issuances of different instruments, including Debt Securities, Short-Term Securities, Sub-Sovereign Obligations, and Financial Trusts. Transactions placed in Argentine pesos amounted to Ps.29.5 billion as of 2022. Among these transactions, the issuance of Obligations of the City of Buenos Aires for a total of Ps.17.5 billion, as well as Debt Securities issued mainly by companies in the energy (Ps.44 billion) and oil & gas (Ps.10.2 billion) sectors, stood out.

In a year of uncertainty, hedging the exchange rate was the main demand from investors to US$1.6 billionovercome the typical turbulence of an election context, which is why negotiable obligations denominated in “Dollar-Linked”dollar linked (Dollar BILS) are the most issued in the primary debt market. Regarding instruments denominated in Pesos, those issued at a variable rate were the main preference of investors, allowing them to capture the increase in the interest rate. Thirdly, issuances denominated and Ps.600payable in Dollars began to be more recurrent, especially during the last quarter.

Dollar BILS issuances ranked first, representing 53.95% of transactions with a total of US$3,187 million, with YPF S.A. issuances standing out. Class 21 for US$230 million, Telecom S.A. Class 16 for US$180 million and Compañía General de Combustibles S.A. Class 30 for US$150 million, with the purpose of financing infrastructure and working capital projects.

Issuances in UVA-denominated instruments. Some noteworthy transactionsPesos at variable rates were positioned in these instruments includesecond place, representing 31.58% with a total amount of Ps.335,859 million. The emissions of Tecpetrol S.A. stand out. Class 5 for Ps.32,898 million, marking a record as the largest issue in pesos, the issue of Loma Negra S.A. Class 1 for Ps.25,636 million and the issuance by Aeropuertos Argentina 2000 of Pan American Energy LLC Class 5 Debt Securities25 for Ps.23,692 million.

For SME clients, Banco Galicia continues to strengthen its commitment. During 2023, it participated in 42 new classes of negotiable obligations for a total amount of US$137.9170.2 million intended for productive and infrastructure projects,Ps.12,122 million, and YPF Energía Eléctrica Class XII issuances for US$85 million used to finance the construction and operation of a wind farm.

In terms of Investment Banking, Banco Galicia structured 11 transactions, not only under the syndicated loan scheme and restructurings in conjunction with other leading financial institutions, but also assisting large corporate customers through bilateral loans.

During 2022,2023, Banco Galicia structured syndicated transactions, mainly in the oil and gas and food sectors, for a total amount of over Ps.33.2Ps.58.8 billion, with Banco Galicia's interest amounting to Ps.12.1Ps.20.6 billion. In particular, Pan American Energy wasAmong them, a committed line granted a syndicated loanin March 2023 to YPF together with BBVA and Santander stands out for Ps.33.2 billion for capex and working capital financing.up to Ps.24,000 million..

Additionally, bilateralit granted committed lines were subscribed with leading customersline loans of up to ensure liquidity amid market uncertainty, amounting toone year for a total of Ps.12.1 billion.Ps.5,000 million destined mainly to companies in the automotive sector.

Finally, continuing with the trend that began in mid-2022, in the first nine months of 2023 Banco Galicia acted as guarantorguaranteed 7 loans among first-line clients for a total of intercompany loansUS$129 million, allowing companies with top-tier clients, which allowedliquidity to allocate it to leveragethose in need of financing for the liquiditydevelopment of their businessesvarious projects. It is important to finance other clients with financing needs.

With the purpose of providing a straightforward and unique experience to our customers so that more people will select us, we aim to strengthen our value proposition by adding new savings benefits in nationwide categories, creating additional savings proposals through alliances with existing stores and one-shot saving deals on selected brands.

Through Banco Galicia, customers have access to a wide variety of savings benefits and installments in businesses and sectors throughout the country. During 2022 we launched new proposals through2023, 800 businesses joined with promotions, covering e-commerce and physical stores (cashback and/or installment promotions).

In turn, the Galicia Online Store through which Grupo Financiero Galicia's customers can purchase physical products by redeeming points, redeeming points and payingexpands the remaining priceoptions in pesos or paying the full price in pesos and/or in installments. With the specific objective of improving our customers' experience, the Online Store is currently offering products by 17 different retailers (out of which 5 allow for the option of redeeming points) anddigital channel, bringing together more than 40 sellers who provide a variedwide and accessible catalog of electronics, technology, household appliances, home, decoration, gastronomy, among others. In 2023, the store recorded +4 million sessions and other products.+116,000 customer transactions.

On the other hand, Naranja X has included Smartes (two Tuesdays a month) and its differential version which offers plans of up to 12 installments and discounts of up to 25% to 30% for specific products (for example, 2x1 at Temaiken, a famous zoo in the vicinity of the City of Buenos Aires), (iii) cashback, (iv) travel deals, (v) physical products,non-traditional items such as mattresses, paint shops, social, clothing, home and more.pharmacy.

Naranja X has assistedtook advantage of its clients with benefits in Plan Zeta (offering 3, 6, 9anniversary to expand the offer of promotions from supermarkets and 12 payment installments), discounts, and special plans and deferred payment offers for the purchase of essential itemshypermarkets, offering options such as those made in supermarkets, pharmacies, door-to-door services, and gas stations.

DuringOf all these actions, the third quarter of 2022, Naranja X launched a new exclusive program called "Promo X online", where customers would start getting discounts, special and differentiated plans on Thursdays through the e-commerce sites of theitems most important brands in the country, including airlines, home appliances, clothing and supermarkets, an initiative that made a difference and produced very good results for Naranja X.chosen by clients were:

In addition, in a year with a marked inflationary context, Naranja X maintained the 6 interest-free installments plan in Aerolíneas Argentinas (the only card with an interest-free plan in the market), being onegranted credit limit increases every month for more than 80% of its best allies. Finally, Naranja X started testing interest-free installmentsportfolio, achieving significant growth in connection with some products and services, such as low-cost airlines, which yielded very good results for the business.POS.

DuringIn terms of "purchase plans", the fourthpodium is made up as follows: