UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 3)
GRUPO FINANCIERO GALICIA S.A.
--------------------------------------------------------------------------------
(Name of issuer)
Class B Ordinary Shares, with Ps. 1.00 par value
--------------------------------------------------------------------------------
(Title of class of securities)
399909100
--------------------------------------------------------------------------------
(CUSIP number)
December 31, 2003
--------------------------------------------------------------------------------
(Date of Event which Required Filing of this Statement)
------------
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[X] Rule 13d-1(d)
Ten Class B Ordinary Shares (the "Class B Shares") are evidenced by one
American Depositary Share ("ADS") of the issuer.
The CUSIP number is for the ADSs.
CUSIP No. 399909100 13G Page 2 of 13 Pages
--------- ----------------------------------------------------------------------
1 NAME OF REPORTING PERSON
----------------------------------------------------------------------
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Maria Ofelia Escasany
--------- ----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
--------- ----------------------------------------------------------------------
3 SEC USE ONLY
--------- ----------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Republic of Argentina
--------- ----------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 0.66% through Class B Shares (7.4% of total votes,
aggregating all shares of capital stock of Grupo
Galicia owned directly and indirectly; see discussion
in Item 4)
------- -------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 73.4% (represents total votes of all
shares of capital stock owned, directly and
indirectly, by the Families (defined below);
see discussion in Item 4)
------- -------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 1.3% of Class B Shares
------- -------------------------------------------------------
PERSON WITH 8 SHARED DISPOSITIVE POWER
46.1% (total capital stock of Grupo Galicia owned,
directly and indirectly, by the Families; see
discussion in Item 4)
--------- ----------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
14,558,655 Class B Shares (44,474,390 of total capital stock of Grupo
Galicia; see discussion in Item 4).
--------- ----------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |_|
--------- ----------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.3% Class B Shares (4.1% of total capital stock of Grupo Galicia;
see discussion in Item 4)
--------- ----------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
IN
--------- ----------------------------------------------------------------------
CUSIP No. 399909100 13G Page 3 of 13 Pages
--------- ----------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Maria Teresa Ayerza
--------- ----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
--------- ----------------------------------------------------------------------
3 SEC USE ONLY
--------- ----------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Republic of Argentina
--------- ----------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 0% of Class B Shares (5.2% of total votes,
aggregating all shares of capital stock of Grupo
Galicia owned directly and indirectly; see discussion
in Item 4)
------- -------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 73.4% (represents total votes of all shares of
capital stock owned, directly and indirectly, by the
Families; see discussion in Item 4)
------- -------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 0% of Class B Shares
------- -------------------------------------------------------
PERSON WITH 8 SHARED DISPOSITIVE POWER
46.1% (total capital stock of Grupo Galicia owned,
directly and indirectly, by the Families; see
discussion in Item 4)
--------- ----------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0 Class B Shares (23,008,712 of total capital stock of Grupo Galicia;
see discussion in Item 4).
--------- ----------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |_|
--------- ----------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0% Class B Shares (2.1% of total capital stock of Grupo Galicia; see
discussion in Item 4).
--------- ----------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
IN
--------- ----------------------------------------------------------------------
CUSIP No. 399909100 13G Page 4 of 13 Pages
--------- ----------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Adela Maria Ayerza de Gutierrez
--------- ----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
--------- ----------------------------------------------------------------------
3 SEC USE ONLY
--------- ----------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Republic of Argentina
--------- ----------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 0% of Class B Shares (5.2% of total votes,
aggregating all shares of capital stock of Grupo
Galicia owned directly and indirectly; see discussion
in Item 4)
------- -------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 73.4% (represents total votes of all shares of
capital stock owned, directly and indirectly, by the
Families; see discussion in Item 4)
------- -------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 0% of Class B Shares
------- -------------------------------------------------------
PERSON WITH 8 SHARED DISPOSITIVE POWER
46.1% (total capital stock of Grupo Galicia owned,
directly and indirectly, by the Families; see
discussion in Item 4)
--------- ----------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0 Class B Shares (23,006,743 of total capital stock of Grupo Galicia;
see discussion in Item 4).
--------- ----------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |_|
--------- ----------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0% Class B Shares (2.1% of total capital stock of Grupo Galicia;
see discussion in Item 4)
--------- ----------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
IN
--------- ----------------------------------------------------------------------
CUSIP No. 399909100 13G Page 5 of 13 Pages
--------- ----------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Abel Ayerza
--------- ----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
--------- ----------------------------------------------------------------------
3 SEC USE ONLY
--------- ----------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Republic of Argentina
--------- ----------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 0% of Class B Shares (5.2% of total votes,
aggregating all shares of capital stock of Grupo
Galicia owned directly and indirectly; see discussion
in Item 4)
------- -------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 73.4% (represents total votes of all shares of
capital stock owned, directly and indirectly, by the
Families; see discussion in Item 4)
------- -------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 0% of Class B Shares
------- -------------------------------------------------------
PERSON WITH 8 SHARED DISPOSITIVE POWER
46.1% (total capital stock of Grupo Galicia owned,
directly and indirectly, by the Families; see
discussion in Item 4)
--------- ----------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0 Class B Shares (23,069,174 of total capital stock of Grupo Galicia;
see discussion in Item 4).
--------- ----------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |_|
--------- ----------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0% Class B Shares (2.1% of total capital stock of Grupo Galicia;
see discussion in Item 4)
--------- ----------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
IN
--------- ----------------------------------------------------------------------
CUSIP No. 399909100 13G Page 6 of 13 Pages
--------- ----------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Fundacion Banco de Galicia y Buenos Aires S.A.
--------- ----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
--------- ----------------------------------------------------------------------
3 SEC USE ONLY
--------- ----------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Republic of Argentina
--------- ----------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 0% of Class B Shares (5.0% of total votes,
aggregating all shares of capital stock of Grupo
Galicia; see discussion in Item 4)
------- -------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 73.4% (represents total votes of all shares of
capital stock owned, directly and indirectly, by the
Families; see discussion in Item 4)
------- -------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 0%
------- -------------------------------------------------------
PERSON WITH 8 SHARED DISPOSITIVE POWER
46.1% (total capital stock of Grupo Galicia owned,
directly and indirectly, by the Families; see
discussion in Item 4)
--------- ----------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0 Class B Shares (22,210,323 Class A Shares; see discussion in Item
4).
--------- ----------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |_|
--------- ----------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0% Class B Shares (2.0% of total capital stock of Grupo Galicia; see
discussion in Item 4)
--------- ----------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
CO
--------- ----------------------------------------------------------------------
CUSIP No. 399909100 13G Page 7 of 13 Pages
--------- ----------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Eduardo Jose Escasany
--------- ----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |X|
--------- ----------------------------------------------------------------------
3 SEC USE ONLY
--------- ----------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Republic of Argentina
--------- ----------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 0.9% of Class B Shares (10.7 % of total votes,
aggregating all shares of capital stock of Grupo
Galicia owned directly and indirectly; see discussion
in Item 4)
------- -------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 73.4% (represents total votes of all shares
of capital stock owned, directly and
indirectly, by the Families; see discussion in
Item 4)
------- -------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 1.9% of Class B Shares
------- -------------------------------------------------------
PERSON WITH 8 SHARED DISPOSITIVE POWER
46.1% (total capital stock of Grupo Galicia owned,
directly and indirectly, by the Families; see
discussion in Item 4)
--------- ----------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
20,947,950 Class B Shares (64,113,224 of total capital stock of Grupo
Galicia; see discussion in Item 4).
--------- ----------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |_|
--------- ----------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.9% Class B Shares (5.9% of total capital stock of Grupo Galicia;
see discussion in Item 4)
--------- ----------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
IN
--------- ----------------------------------------------------------------------
CUSIP No. 399909100 13G Page 8 of 13 Pages
--------- ----------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
EBA Holding S.A.
--------- ----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |X|
--------- ----------------------------------------------------------------------
3 SEC USE ONLY
--------- ----------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Republic of Argentina
--------- ----------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 0% of Class B Shares (63.4% of total votes,
aggregating all shares of capital stock of
Grupo Galicia; see discussion in Item 4)
------- -------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 73.4% (represents total votes of all shares
of capital stock owned, directly and
indirectly, by the Families; see discussion in
Item 4)
------- -------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 0% of Class B Shares (25.7% of total capital stock of
Grupo Galicia)
------- -------------------------------------------------------
PERSON WITH 8 SHARED DISPOSITIVE POWER
46.1% (total capital stock of Grupo Galicia owned,
directly and indirectly, by the Families; see
discussion in Item 4)
--------- ----------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0 Class B Shares (281,221,650 Class A Shares; see discussion in Item
4).
--------- ----------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |_|
--------- ----------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0% Class B Shares (25.7% of total capital stock of Grupo Galicia; see
discussion in Item 4).
--------- ----------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
CO
--------- ----------------------------------------------------------------------
CUSIP No. 399909100 13G Page 9 of 13 Pages
Item 1(a). Name of Issuer:
Grupo Financiero Galicia S.A. ("Grupo Galicia")
Item 1(b). Address of Issuer's Principal Executive Offices:
Tte. Gral. Juan D. Peron 456 - 2nd floor (C1038AAJ) - Buenos Aires,
Argentina
Item 2(a). Name of Person Filing:
This statement is filed on behalf of:
(i) Maria Ofelia Escasany, Eduardo J. Escasany, Maria Teresa Ayerza,
Adela Maria Ayerza de Gutierrez and Abel Ayerza (collectively, the
"Individuals");
(ii) EBA Holding S.A. ("EBA");
and
(iii) the Fundacion Banco de Galicia y Buenos Aires S.A., an Argentine
non-profit organization which provides various services to employees of
Banco de Galicia y Buenos Aires S.A. ("Banco Galicia") (the "Fundacion"
and, together with the Individuals and EBA, the "Reporting Persons").
Item 2(b). Address of Principal Business Office or, if none, Residence:
The principal business address of the Reporting Persons is:
c/o Grupo Financiero Galicia S.A.
Tte. Gral. Juan D. Peron 456 - 2nd floor
(C1038AAJ) - Buenos Aires, Argentina
Item 2(c). Citizenship:
Each of EBA and the Fundacion is organized under the laws of the
Republic of Argentina, with its principal executive offices in Buenos Aires,
Argentina, and each of the Individuals is a citizen and resident of the Republic
of Argentina.
Item 2(d). Title of Class of Securities:
Class B Shares; see discussion in Item 4.
Item 2(e). CUSIP Number:
The CUSIP number for the ADSs evidencing the Class B Shares is
399909100.
CUSIP No. 399909100 13G Page 10 of 13 Pages
Item 3. If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b) or
(c), check whether the person filing is a:
(a) /_/ Broker or Dealer registered under Section 15 of the Act,
(b) /_/ Bank as defined in Section 3(a)(6) of the Act,
(c) /_/ Insurance Company as defined in Section 3(a)(19) of the Act,
(d) /_/ Investment Company registered under Section 8 of the
Investment Company Act of 1940,
(e) /_/ Investment Adviser in accordance with Rule 13d-1
(b)(1)(ii)(E),
(f) /_/ Employee Benefit Plan or Endowment Fund in accordance with
Rule 13d-1 (b)(1)(ii)(F),
(g) /_/ Parent Holding Company or Control Person in accordance with
Rule 13d-1 (b)(1)(ii)(G) ,
(h) /_/ Savings Association as defined in Section 3(b) of the
Federal Deposit Insurance Act,
(i) /_/ A Church Plan that is excluded from the definition of an
Investment Company under Section 3(c)(14) of the Investment
Company Act of 1940,
(j) /_/ Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
Item 4. Ownership.
(a) Amount beneficially owned:
The Reporting Persons beneficially own 35,506,605 Class B
Shares.
(b) Percent of class:
The Class B Shares beneficially owned by the Reporting
Persons represent 4.37% of the outstanding Class B Shares.
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote:
35,506,605 Class B Shares
(ii) shared power to vote or to direct the vote:
35,506,605 Class B Shares
CUSIP No. 399909100 13G Page 11 of 13 Pages
(iii) sole power to dispose or to direct the disposition of:
35,506,605 Class B Shares
(iv) shared power to dispose or to direct the disposition of:
35,506,605 Class B Shares
The outstanding capital stock of Grupo Galicia consists of Class A Shares (the
"Class A Shares") and Class B Shares (the "Class B Shares"), each with Ps.1.00
par value. EBA currently owns 100% of the Class A Shares, and members of the
Escasany, Ayerza and Braun families (the "Families") and the Fundacion own 100%
of the capital stock of EBA. Members of the Families currently own directly
222,319,795 or 27.41% of Grupo Galicia's Class B Shares.
Each Class A share is entitled to 5 votes and each Class B share is entitled to
1 vote at a shareholders' meeting. However, Class A Shares are entitled to only
1 vote in certain extraordinary matters. Grupo Galicia's by-laws provide that
all distinctions between the Class A Shares and Class B Shares will be
eliminated upon the occurrence of certain change of control events.
The following table presents the number of Grupo Galicia's shares outstanding as
of December 31, 2003, and voting interest that the shares represent:
Shares Number of Shares % of Capital Stock % of Voting
Class A Shares 281,221,650 25.74% 63.42%
Class B Shares 811,185,367 74.26% 36.58%
Total 1,092,407,017 100.00% 100.00%
For purposes of this report on Form 13G, the Reporting Persons are disclosing
information regarding their direct holdings in Grupo Galicia through their
direct ownership of Class B Shares and through their indirect holdings in Grupo
Galicia through their ownership of Class A Shares held through EBA.
On September 13, 1999, the Families formed EBA to hold the Families Class A
Shares in Grupo Galicia. EBA Holding's capital structure consists of Class A
Shares, each of which is entitled to 5 votes, and Class B Shares, each of which
is entitled to 1 vote. Currently, EBA Holding only has Class A Shares
outstanding. EBA Holding's by-laws currently provide for certain restrictions on
the sale or transfer of its Class A Shares. While the Class A Shares of EBA
Holding may be transferred to any other Class A shareholder of EBA, any transfer
of such Class A Shares to third parties would automatically result in the
conversion of the sold shares into Class B Shares, having one vote per share, of
EBA Holding. In addition, EBA Holding's by-laws contain rights of first refusal,
buy-sell provisions and tag-along rights.
CUSIP No. 399909100 13G Page 12 of 13 Pages
A public shareholder of Banco Galicia, who indirectly owns in excess of 5% of
the outstanding capital stock of Banco Galicia, has granted a right of first
refusal for the purchase of all or part of its shares to certain of the members
of the Families in the event such public shareholder decides to sell all or part
of its Banco Galicia shares.
Item 5. Ownership of Five Percent or Less of a Class.
Not applicable.
If this statement is being filed to report the fact that as of the date hereof
the reporting person has ceased to be the beneficial owner of more than five
percent of the class of securities, check the following [ ].
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Not applicable
Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on by the Parent Holding Company or Control Person.
Not applicable.
Item 8. Identification and Classification of Members of the Group.
Not applicable.
Item 9. Notice of Dissolution of Group.
Not applicable.
Item 10. Certification
Not applicable.
CUSIP No. 399909100 13G Page 13 of 13 Pages
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
By /s/Silvestre Vila Moret February 13, 2004
--------------------------------------
Name: Silvestre Vila Moret as attorney in fact for Maria Ofelia Escasany
By /s/Eduardo J. Escasany February 13, 2004
-------------------------------------
Name: Eduardo J. Escasany
By /s/Abel Ayerza February 13, 2004
--------------------------------------
Name: Abel Ayerza as attorney in fact for Maria Teresa Ayerza
By /s/Abel Ayerza February 13, 2004
-------------------------------------
Name: Abel Ayerza as attorney in fact for Adela Maria Ayerza de Gutierrez
By /s/Abel Ayerza February 13, 2004
-------------------------------------
Name: Abel Ayerza
FUNDACION BANCO DE GALICIA Y February 13, 2004
BUENOS AIRES S.A.
/s/Eduardo J. Escasany
-----------------------------------
Eduardo J. Escasany
Vice President
EBA HOLDING S.A. February 13, 2004
/s/Arturo E. Santillan
-----------------------------------
Arturo E. Santillan
President
EXHIBIT
JOINT FILING AGREEMENT
-------------------------
In accordance with Rule 13d-1(k)(1) promulgated under the Securities
Exchange Act of 1934, as amended, the signatories to the attached Schedule 13G,
dated February 13, 2004, hereby agree to the joint filing on behalf of each of
them of a statement on Schedule 13G (including amendments thereto) with respect
to the Class B Ordinary Shares, with Ps. 1.00 par value, of Grupo Financiero
Galicia S.A., and that this Agreement may be included as an Exhibit to such
joint filing. Each signatory to the Schedule 13G acknowledges that each shall be
responsible for the timely filing of such amendments, and for the completeness
and accuracy of the information concerning it contained therein, but shall not
be responsible for the completeness and accuracy of the information concerning
the other, except to the extent that it knows or has reason to believe that such
information is inaccurate.