#1Grupo Financiero Galicia Investor Presentation August 2021 1#2Agenda 1. The Argentine Economy 2. The Argentine Financial System 3. Grupo Financiero Galicia 4. Banco Galicia 5. Naranja 6. Sudamericana Holding 7. Galicia Administradora de Fondos + Grupo Financiero Galicia 2#3Economic Activity Real Gross Domestic Product YoY % Var. 2,7% 2,8% -2,1% -2,0% -2,6% -9,9% GDP quarterly evolution q/q % chg. (sa) -y/y % chg. (r.h.s.) 6,4% 3,8% 0,7% -0,8% 2,5% 2,4% -10,2% 1Q16 1Q17 1Q18 1Q19 1Q20 1Q21 -5,4% Industrial Production quarterly evolution Var. % t/ts.e. -Var. % a/a (right axis) 33,3% 6,5% 3,9% -0,7% 2015 2016 2017 2018 2019 2020 2021e -3,4% 2016 2Q17 2Q18 2Q19 2Q20 2Q21 Source: INDEC and own estimations † Grupo Financiero Galicia 3#4International Environment 183,37 160,90 Agricultural Commodity Prices 350 300 250 200 150 100 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 Dec'01=100. Source: BCRA Real Exchange Rate Index Apr-21 = 92,86 AR$/USD Multilateral RER Bilateral RER (AR$/USD) Jul-21 92,48 93,98 10-ago-21 245,7 2002 2004 2006 2008 2010 2012 2014 2016 2018 2021 FX Official and Blue-Chip Swap ARS/USD Spread -Blue-Chip Swap Official Exchange Rate 44425 177,0 97,3 abr-20 ago-20 dic-20 abr-21 ago-21 † Grupo Financiero Galicia 4 Source: BCRA#5Fiscal Performance As a % of GDP 2,2% 0,7% Non Financial Public Sector's Fiscal Balance Primary Fiscal Balance -Overall Fiscal Balance Argentine Central Bank Financing Use of International Reserves Argentine Central Bank Profits Argentine Central Bank Advances 35 AS a % of GDP 30 -0,4% -3,8% -3,8% -6,5% USD Billion 25 20 20 15 10 5 -8,5% 0 2008 2010 2012 2014 2016 2018 2020 2021e 2008 2010 2012 2014 2016 2018 2020 2021e Source: Ministry of Finance and own estimates As a % of GDP Source: BCRA and own estimates † Grupo Financiero Galicia 5#6Sovereign Debt 55% 18,6% Argentina: Public Sector Gross Debt Private Holders As a % of GDP IFIs Public Sector Debt Total Gross Debt USD Billion 103% 102% 41,1% * 41,0% 23,5% 30 20 10 Projected annual debt payments Foreign currency Pesos 0 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Foreign exchange as of March 31st, 2021 Debt by currency Euros Pesos CER indexed + 2% Dollar Linked 38% 38% 29% 14% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1Q Other 14% 2021 As of March 31, 2021 USD 60% Pesos 10% † Grupo Financiero Galicia 6#7As % of GDP External Sector Performance -2,7% -2,9% Current and Capital Accounts Accrual Basis, as % of GDP Current Account Capital Account 1,0% 1,3% 0,9% -5,1% 2015 2016 2017 2018 2019 2020 2021e Source: INDEC and own estimates Billions of US$ Billions of US$ -3,4 Foreign Trade Exports Imports 65,4 66,3 60,2 54,9 61,6 56,8 52,9 42,4 2015 2016 2017 2018 2019 2020 2021e Trade Balance 16,0 12,5 13,4 2015 2016 2017 2018 2019 2020 2021e † Grupo Financiero Galicia 7#8Monetary Performance International Reserves USD billion 77.334 32.488 12-ago-21 41.973 Aug-16 Aug-17 Aug-18 Aug-19 Aug-20 Aug-21 38,0 36,5 Monetary Aggregates Real YoY change -ARS Private Deposits - ARS Credit to the Private Sector M2 (private) Central Bank Interest Rate Policy ANR (%) -Monetary Policy Rate - Call 1d 7-Day Repo Rate 31,5 wwww 38,0 36,5 Feb-21 Mar-21 Apr-21 Jun-21 Jul-21 Aug-21 0,6% -7,1% -12,5% Aug-16 Aug-17 Aug-18 Aug-19 Aug-20 Aug-21 33,5 † Grupo Financiero Galicia 8#9Inflation 27,2% 38,7% 24,8% Inflation y/y % chg. 47,6% 53,8% 36,1% 48,0% Market Expectations - Central Bank Survey Annual Inflation 2015 2016 2017 2018 2019 2020 2021E Source: INDEC and own estimates CPI Inflation - Greater Buenos Aires m/m% chg. 56,8% --y/y % chg. (r.h.s.) 3,9% 2021 2022 2023 48,2 42,0 36 44,2% 4,1% Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Source: BCRA and private estimates Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Source: INDEC † Grupo Financiero Galicia 9#10Agenda 1. The Argentine Economy 2. The Argentine Financial System 3. Grupo Financiero Galicia 4. Banco Galicia 5. Naranja 6. Sudamericana Holding 7. Galicia Administradora de Fondos#11Financial Depth Source: Central Bank of each country. Deposits and Loans to the Private Sector as a % of GDP -Loans to the Private Sector (ARS +USD) -Deposits from the Private Sector (ARS + USD) 22,6 20,8 20,4 17,3 14,6 15,0 11,4 11,6 10,0 11,5 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021e 99 81 32 64 62 टु Financial Depth as a % of GDP Deposits Loans 55 51 49 39 37 29 23 12 Chile Brazil Colombia Peru Mexico Argentina の † Grupo Financiero Galicia 11#12Private - Sector Loans and Deposit Growth 86,4% Deposit Growth Y-O-Y Monthly % Change ARS Private-Sector Loans Y-O-Y Monthly % Change ARS 45,9% 52,2% Total (ARS+ USD) -41,7% 42,9% 32,5% Total (ARS+ USD) 28,9% 18,5% -4,7% -16,5% USD (in USD) USD (in USD) -43,8% -59,7% Aug-20 Nov-20 Feb-21 May-21 Aug-21 Aug-20 Nov-20 Feb-21 May-21 Aug-21 † Grupo Financiero Galicia 12#13Breakdown of Deposits by Currency and Type Private Deposits Mix % Total deposits 84,3% Deposits in ARS Deposits in USD 15,7% 13-ago-21 80,2% 50,2% 46,6% 13-ago-21 19,8% Deposits in ARS Mix % Deposits in ARS Current and Saving Accounts -Time Deposits 13-ago-21 50,5% 13-ago-21 49,5% Aug-16 Aug-17 Aug-18 Aug-19 Aug-20 Aug-21 Aug-16 Aug-17 Aug-18 Aug-19 Aug-20 Aug-21 † Grupo Financiero Galicia 13#14Interest Rates 65 Interest Rate Spreads Weighted by operated amounts 33,8 Spread –Interest-Earning Assets - Interest-Bearing Liabilities 77 40 49 32,3 25,4 16 39 56,7 31 29 5,8 9,7 34,8 Cost of Liabilities Private Badlar 34,3 Feb-21 Mar-21 Apr-21 Jun-21 Jul-21 Aug-21 Yield on Assets •Companies: overdraft in checking accounts -Individuals: Personal loans 53,5 35,3 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Feb-21 Mar-21 Apr-21 Jun-21 Jul-21 Aug-21 † Grupo Financiero Galicia 14#15Composition of the Banking System As of February 28, 2021. Banking Institucions Market share Number Private-Sector Deposits (%) 65 Government-Owned Banks 13 33.9 Private Sector Banks 52 32.1 - Domestic Banks 35 - Foreing Banks 17 34.0 † Grupo Financiero Galicia 15#16Profitability ROE As of Feb'21 Efficiency ----- 46,4 36,1 32,4 29,6 23,4 79,6 54,0 57,6 61,1 60,2 52,2 48,4 16,2 4,3 2015 2016 2017 2018 2019 2020 2Q21 2015 2016 2017 2018 2019 2020 2Q21 ROA NPL 4,5 5,4 5,7 4,1 4,1 4,2 3,6 2,7 3,0 2,4 1,5 1,7 1,7 0,7 2015 2016 2017 2018 2019 2020 2Q21 2015 2016 2017 2018 2019 2020 2Q21 As of May 31, 2021. † Grupo Financiero Galicia 16#17Relevant Ratios Total Capital Ratio Liquidity Ratio 65,0 66,5 25,8 60,1 23,8 56,6 46,7 49,0 16,7 17,5 42,6 15,6 16,0 13,9 2015 2016 2017 2018 2019 2020 2Q21 2015 2016 2017 2018 2019 2020 2Q21 As of May 31, 2021. † Grupo Financiero Galicia 17#18Agenda 1. The Argentine Economy 2. The Argentine Financial System 3. Grupo Financiero Galicia 4. Banco Galicia 5. Naranja 6. Sudamericana Holding 7. Galicia Administradora de Fondos#19Organizational Structure 87,5% Galicia 12.5% Seguros Insurance Others: IGAM L.L.C and Galicia Securities S.A.U. Tarjetas Regionales S.A.: 100% interest of Naranja EBA HOLDING 54.1% Votes 19.1% Shares Grupo Financiero Galicia 100% 100% 83% 100% 100% す Fondos † Galicia Fima NaranjaX Mutual Funds † Grupo Financiero Galicia 19#20Grupo Financiero Galicia - Results from Equity Investments Variation 2Q20 In millions of pesos 312 60 399 1.566 6.667 8.884 16 8.900 Banco Galicia Naranja X Galicia Seguros Fondos Fima Other Net Income OCI Comprehensive Income -12% 5.493% -43% -10% -133% 1% -99% -21% † Grupo Financiero Galicia 20#21Business Summary - Grupo Financiero Galicia As of June 30, 2021. ROE ROA FINANCIAL MARGIN EFFICIENCY 15.5% 2.7% 16.8% -156 bp y/y -12 bp y/y -380 bp y/y 61.9% +2,017 bp y/y † Grupo Financiero Galicia 21#22Agenda 1. The Argentine Economy 2. The Argentine Financial System 3. Grupo Financiero Galicia 4. Banco Galicia 5. Naranja 6. Sudamericana Holding 7. Galicia Administradora de Fondos#23Business Summary - Banco Galicia ROE NET LOANS 14,0% -350 bp y/y Ps. 452.2 bn. 4.7 US$ bn. DEPOSITS Ps. 876.8 bn. 9.2 US$ bn. ROA 2,3% -30 bp y/y As of June 30, 2021. Exchange rate (Ps. per US$) = 95.73 ASSETS Ps. 1,204.8 bn. 12.6 US$ bn. EQUITY Ps. 195.3 bn. 2.0 US$ bn. † Grupo Financiero Galicia 23#24TOP 10 Banks Market Share of Private-Sector Deposits (%) Market Share of Private-Sector Loans (%) Nación (P) 17,1% (P) Nación 14,0% Santander Galicia 11,4% Galicia 13,0% 10,1% Santander 11,1% (P) Provincia 9,2% (P) Provincia 8,3% BBVA 7,1% Macro 7,4% Macro 5,8% BBVA 7,2% Credicoop 4,8% HSBC 3,8% 76% 74% HSBC 3,7% ICBC 3,5% ICBC 3,7% TOP 10 Ciudad 3,2% TOP 10 Patagonia 3,1% Patagonia 2,8% Source: Argentine Central Bank. (P) Goverment owned Banks. As of February 28, 2021. † Grupo Financiero Galicia 24#25Peer Comparison Santander Market Share of Private-Sector Deposits (%) 11,4% Galicia 10,1% BBVA 7,1% Galicia Market Share of Private-Sector Loans (%) 13,0% Santander 11,1% Macro 7,4% Macro 5,8% BBVA 7,2% HSBC 3,7% As of Februay 28, 2021. HSBC 3,8% † Grupo Financiero Galicia 25#26Peer Comparison Credit cards managed (in thousands) 5.692 5.075 4.554 2.599 1.172 Branches 462 413 326 247 107 Santander Galicia BBVA Macro HSBC Macro Santander Galicia BBVA HSBC As of Februay 28, 2021. † Grupo Financiero Galicia 26#27Customers Consumer Banking Total: 3,079,500 Corporate Banking Total: 113,100 1% 17% 41% 39% 10% Low Income Medium Income Prof. and Self-employed High Income As of June 30, 2021. 9% 83% Agribusiness Corporations SMES † Grupo Financiero Galicia 27#28Digital Digital clients 63,0% 58,0% Clients with at least one login during the last 30 days vs total clients mar-20 jun-20 sep-20 50,1% 0,3% 9,7% 39,9% dic-20 Full digital clients 21,8% 62,6% 18,9% mar-21 jun-21 10,3% mar-20 Clients who did not use physical channels during the last 30 days vs total clients jun-20 sep-20 dic-20 mar-21 jun-21 Deposited checks - Breakdown per channel mar-20 jun-20 sep-20 dic-20 mar-21 jun-21 67,5% DATMs E-cheq Clearing 22,2% Branch 8,9% 1,4% † Grupo Financiero Galicia 28#29Breakdown of Loans to the Private Sector Gross Loans Ps. 463.8 billion As of June 30, 2021. Agribusiness 26% Middle-Market Companies 16% Individuals 42% Large Corporations Financial Sector 1% 14% Loans in foreign currency: 12%. † Grupo Financiero Galicia 29#30Loan portfolio by maturity Pesos Pesos + UVA 44% 40% 31% 29% 12% 12% 11% 12% 2% 6% 1% 0% < 1 month 1 to 6 m 6 to 12 m 1 to 3 years 3 to 5 y > 5 y < 1 month 1 to 6 m 6 to 12 m 1 to 3 years 3 to 5 y > 5 y Dollars 30% 25% 21% 18% 6% 0% < 1 month 1 to 6 m 6 to 12 m 1 to 3 years 3 to 5 y > 5 y As of June 30, 2021.#31Funding and Breakdown of Deposits TOTAL FUNDING: Ps. 1,009.4 billions Bonds Other(*) Subordinated Bonds 2% 1% 10% DEPOSITS Ps. 876.8 billions Deposits 87% 29% 48% 23% Time Deposits Checking accounts Saving accounts US$ -denominated deposits: 22%. (*) Includes among other: repos, financial institutions, collections on account of third parties, debt with merchants. As of June 30, 2021. † Grupo Financiero Galicia 31#32Asset Quality 13,45 501,5 9,26 106,9 3,7 1,91 jun-15 jun-16 GFG NPL ratio jun-17 Bank NNP ratio jun-18 219,1 5,81 4,63 jun-19 3,14 3,02 2,43 jun-20 jun-21 Naranja NPL ratio Coverage ratio Beginning in the fiscal year started on January 1, 2020, Banco Galicia applies the expected credit loss model. As of June 30, 2021. † Grupo Financiero Galicia 32#33Capital Ratio 11,5 8,6 jun-15 jun-16 jun-17 As of June 30, 2021. jun-18 Total 600 Tier I 25,1 21,2 jun-19 jun-20 jun-21 † Grupo Financiero Galicia 33#34Profitability 17,5 2Q20 ROE 2,9 1Q21 Financial Margin 2,6 14,0 ROA 2,3 0,5 2Q21 2Q20 1Q21 2Q21 Efficiency 20,6 83,0 14,4 15,7 61,4 37,3 2Q20 1Q21 2Q21 2Q20 1Q21 As of June 30, 2021. 2Q21 † Grupo Financiero Galicia 34#35Relevant Ratios NPL 3,1 10,6 2,5 1,6 2Q20 Cost of Risk 3,5 1,4 1Q21 2Q21 2Q20 1Q21 2Q21 Total Capital Liquidity 60,8 24,6 25,1 57,4 19,6 52,2 2Q20 1Q21 2Q21 2Q20 1Q21 As of June 30, 2021. 2Q21 † Grupo Financiero Galicia 35#36Consolidated Income Statement 3.109 6.493 15.098 In millions of pesos 18.096 9 2.327 2.042 6.667 6.676 Net Financial Income Net Income from Services Provision for Administrative Other Income Tax Net Income OCI Loan Losses Expenses Comprehensive Income Variation 2Q20 -51% -5% -52% -7% -62% -12% -33% -100% -130% † Grupo Financiero Galicia 36#37Agenda 1. The Argentine Economy 2. The Argentine Financial System 3. Grupo Financiero Galicia 4. Banco Galicia 5. Naranja 6. Sudamericana Holding 7. Galicia Administradora de Fondos#38Business Summary - Naranja As of June 30, 2021. Exchange rate (Ps. per US$) = 95.73 NET INCOME Ps. 1,566 m. +4,506% y/y ROE ROA 4.6 % 18.8% +1,839 bp y/y +448 bp y/y LOANS ASSETS Ps. 122.5 bn Ps. 137.7 bn 1.3 US$ bn 1.4 US$ bn EQUITY Ps. 34.3 bn 0.4 US$ bn † Grupo Financiero Galicia 38#39Business Summary - Naranja Consumer finance to medium and low-income segments. Merchant acquirer and payment processing services provider to proprietary credit cards. Largest credit card issuer in Argentina with over: >> 3.3 million active accounts and 8.7 million cards issued. » 3.0 million clients. » 181 branches across the country. Second largest merchant acquirer with over 220,000 affiliated merchants. Third largest independent payment processor with more than 45 million quarter transactions. As of June 30, 2021. † Grupo Financiero Galicia 39#40Digital 46,7% Digital customers 70,3% Clients with at least one login during the last 30 days vs total clients Digital payments 53,3% 30,5% Number of payments through digital channels vs total payments 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 † Grupo Financiero Galicia 40#41Agenda 1. The Argentine Economy 2. The Argentine Financial System 3. Grupo Financiero Galicia 4. Banco Galicia 5. Naranja 6. Sudamericana Holding 7. Galicia Administradora de Fondos#42Sudamericana Holding - Corporate Structure † Galicia ++ 12.5% Grupo Financiero Galicia Sudamericana Holding 87.5% Galicia Seguros Originally individuals' insurance. Expanding to corporate insurance. Galicia Retiro Retirement voluntary retirement and pension plans. Galicia Broker Broker of the corporate segment. † Grupo Financiero Galicia 42#43Sudamericana Holding As of June 30, 2021. Ps. Million Galicia Seguros Galicia Retiro Galicia Broker 1. Turnover 8,574 25 166 AUM 1,897 559 32 Equity 1,444 128 48 ☑ Profit 1,476 26 47 † Grupo Financiero Galicia 43#44Sudamericana Holding - General Data General Data Annual Turnover: AR$ 8.8 billion (FY2021) Policies in force: 2,4 million (credit-related insurance) and 3 million (voluntary insurance). Ranking Market Share Homeowners Insurance 1st 9.7% Theft Positioning 20211 1st 16% Personal Accidents 6th 7.5% Group Life 11th 2.3% Miscellaneous risks 4th 6.4% (1) As of March 31, 2021. † Grupo Financiero Galicia 44#45Sudamericana Holding - Distribution Channels Business Partners' Branches • Over 530 branches of our affiliated companies (Banco Galicia and Naranja). • 79 telemarketers at our own call center. Telemarketing • 317 telemarketers at an external call center. Specialized Insurance Stands Near 62 stands at our business partners' branches. ATMs • Insurance sale through Banco Galicia's ATM network. Specialized Salesforce • Account officers for corporate businesses. • Specialized Insurance Officers in banking branches. Internet Main Business Partners • Open market sale through different web pages. • Homebanking + Galicia NaranjaX † Grupo Financiero Galicia 45#46Sudamericana Holding - Main Products Life Insurance Personal Accidents Homeowners Insurance Theft Credit related life insurance. Group and Individual Life Insurance. Burial PA Multirisk: air, public transport, pedestrian PA Financial: credit card activator PA Self-Employed and Account Holders Damages to Building and Contents, Theft and Civil Liability Additional Charges for Glasses, Electronic Equipment, Household Civil Liability, Pets, etc. Emergency Services: electrician, plumber, locksmith Theft in ATMs Handbag Insurance, Theft of Cell Phones and other technological portable devices. Theft of bicycle Miscellaneous Risks Corporate Insurance Purchase Protection Unemployment Comprehensive Business Surety Next Launch: Engineering Risks † Grupo Financiero Galicia 46#47Sudamericana Holding - Turnover and profits evolution Turnover per Fiscal Year (in Millions of AR$) $8.500 $ 8.000 Net income / Turnover 35,0% Turnover 30,4% $7.500 $7.000 $ 6.500 $ 6.000 $5.500 30,0% 22,7% 21,5% $5.000 $ 4.500 $ 4.000 16,0% 14,7% 12,8% 25,0% 19,7% 20,0% 8.765 15,0% $ 3.500 $ 3.000 5.757 $ 2.500 10,0% 4.255 $ 2.000 3.571 3.329 $ 1.500 3.043 5,0% $ 1.000 2.083 $ 500 $- 0,0% 2015 2016 2017 2018 2019 2020 2021 Combined Ratio 85% 75% 84% 86% 88% 83% 83% GS (%) † Grupo Financiero Galicia 47#48Agenda 1. The Argentine Economy 2. The Argentine Financial System 3. Grupo Financiero Galicia 4. Banco Galicia 5. Naranja 6. Sudamericana Holding 7. Galicia Administradora de Fondos#49Galicia Administradora de Fondos . • Established in 1958. 21 100.376 10.8% 12 • FIMA mutual funds. Employees Clients Market Funds • Institutional investors, companies and individuals. Share 445,0 Net Income ($ million) -10% 414,0 399,0 185.468 Assets under management ($ million) 131.946 272.619 252.349 2Q20 1Q21 2Q21 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 As of June 30, 2021. † Grupo Financiero Galicia#50Our Family of Funds Investment horizon/Risk Investor Profile Fund Yield Fima Ahorro Plus I Fima Ahorro Pesos Fima Premium Short Term Secure I Fima Fima Fima I Pymes MIX I Acciones Fima Capital Plus Fima Renta Plus Fima PB Acciones Fima Renta Pesos I Fima Renta Internacional Fima Acciones Latinoamérica Medium Term Balanced Long Term Dynamic † Grupo Financiero Galicia 50