In August, 2010, the U.S. Second Circuit Court of Appeals in New York upheld a ruling issued by District Judge

aus einem SEC_filing

GRUPO FINANCIERO GALICIA S.A.

Litigation, as well as ICSID and UNCITRAL claims against the Government have resulted in material judgments and may

result in new material judgments against the government, which could result in attachments of or injunctions relating to assets of

Argentina that the government intended for other uses. As a result, the government may not have all the financial resources necessary

to implement reforms and foster growth, which could have a material adverse effect on the country’s economy, and consequently, our

financial condition. In August, 2010, the U.S. Second Circuit Court of Appeals in New York upheld a ruling issued by District Judge

Thomas Griesa, which allows for the attachment of certain assets held in trust by the Government that will be stayed until a final

ruling on the matter. The trust is administered by U.S. Bank Trust N.A., and was established in 1999 to hold American Depositary

Shares (“ADSs”) issued by Banco Hipotecario S.A., a state-owned lender bank that was being privatized at the time. Such depositary

shares corresponded to class D shares of Banco Hipotecario S.A., which were to be used to satisfy investor redemptions of options.

The rulings have been issued in connection with a request from EM Ltd. and NML Capital, Ltd., two of Argentina’s largest sovereign

debt holders. Pursuant to such rulings, government assets amounting to approximately US$90 million held in such trust have been

attached for the benefit of outstanding government creditors.